UN General Assembly
1995

peacemaking in the Balkans will result in bringing the warring parties together to work out a negotiated settlement to the conflict. The world stands at the threshold of a new era, a time of great challenges and a time of significant promise. The choices that we make will determine whether we experience economic, social and political successes or failures. The international economic environment is rapidly being transformed as new centres of economic power and new partnerships are established. Indeed, these new economic realities have important implications for the survival of small and vulnerable economies such as Grenada’s, which are so heavily dependent on a favourable external environment. It can hardly be disputed that the traditional economic and trade relations on which Grenada relied for so long are now being threatened and could shortly cease to exist. The process of adjustment to the new hemispheric challenges resulting from the entry into force of the North American Free Trade Agreement on 1 January 1994; the conclusion of the Uruguay Round agreements of the General