UN General Assembly
1974

180. Latin America's efforts towards establishing a guaranteed international economic order are borne out by the draft Charter of Economic Rights and Duties of States by Venezuela's valuable contribution to the Inter-American Development Bank, and by our countries' active participation in the Third United Nations Conference on the Law of the Sea. The second session of this Conference, recently held at Caracas, should be viewed in terms of both the successful organization of the Conference by the host country and the effective and useful work undertaken. The Conference defined what could be called the basis of, or key to, international solutions, particularly the 200-mile economic zone and the formulation of the concept of the ocean floor beyond the limits of national jurisdiction being the common heritage of mankind.