The European Union's contribution has come in the form of the new Cotonou Agreement governing its relations with the African, Caribbean and Pacific countries, as well as its network of partnership, association, and co-operation agreements with other countries. A daunting amount still remains to be done, and collaboration is the key to success. The European Union is committed to the Heavily Indebted Poor Countries Initiative, to which the European Community is the largest single contributor. In May next year, it will be hosting the Third United Nations Conference on the Least Developed Countries, in Brussels. The social and economic development of the South remains vital to our own stability and prosperity.
Social development goes hand in hand with human rights.
The new century should build upon the results of our generation s struggle in this field. The Union, in its efforts to enhance the respect for human rights, has been working to promote the abolition of the death penalty and has called for a moratorium on executions. The UN can play a major role in facilitating further developments in this regard. I hope that the beacon lit at this Summit will illuminate the work of a new United Nations, one placed on a firmer and financially more equitable footing, a United Nations for the twenty-first century. The European Community is fully aware of the challenges facing this organisation, and it stands ready to play its part in meeting them.