In recognition of the crushing burden which external debt places on developing nations, and the resultant inability to attend to social and environmental issues, the HIPC initiative uses the instrument of debt relief to address many of the key developmental and social goals experienced by these countries. Funds previously used for debt payments can now be used for social and other core development spending. And yet, though this decade has been one of progress, we are also aware that much remains to be done. We are looking for creative methods to address the new challenges before us. In the near term, we will work with you, here in the Second Committee, to advance the work of the international community and the United Nations system in several key areas.
Financing is essential for development.
The United Nations, through the financing for development process, has made a strong commitment to undertaking a serious study of how to address this key issue in a changing world. We look forward to working with our partners in taking the necessary procedural steps to move this process forward. We are seeing that this is increasingly true throughout the world. As the host country for the up-coming Seattle Ministerial of the World Trade Organization in November and as one of the major trading countries in the world, the United States will take an active interest in the discussions of trade issues in the General Assembly. The phenomenon of globalization is a fact, and we believe it is essential for developing countries to participate in the world trade system.