UN General Assembly
1991

As for the lessons to be learned or, rather, the disappointments and failures of the 1980s, a period generally considered a decade that was lost to development for the poor countries, the following challenges should urgently be taken up: First, we must break the vicious circle of the massive and growing external indebtedness of the poor countries and of the continuing deterioration in the terms of trade by instituting vigorous measures to ensure short-term economic recovery and long-term growth; Secondly, protectionist tendencies must be reversed by creating an open and equitable trading system within the contest of multilateral trade negotiations (Uruguay Sound); Thirdly, efforts towards diversification and modernization of the least developed countries should be supported, and the financial flows to those countries should be substantially increased.