UN General Assembly
1962

26. As this evidently means that the Mandate should be revoked, at its sixteenth session the General Assembly adopted resolution 1702 (XVI) indicating the legal bases and procedures for United Nations action in this direction. Guatemala is willing to support such action by our world Organization. 27. Guatemala, a country which has been unable fully to enjoy its economic resources, is keenly interested in the efforts of, the United Nations to promote economic and social development in the underdeveloped countries through international co-operation. 28. Accordingly, Guatemala and its sister-republics of Central America have made every effort and explored every possibility with a view to achieving the economic integration of their peoples and creating a Central American Common market as one of the principal bases for the region's economic development. 29. Very satisfactory advances along these lines have been made in preparing joint legislation designed to govern free trade, the equalization of import duties and gorges and the standardization of tax incentives to industrial development, with very heartening results.