A/RES/3040(XXVII) GA

54 General Assembly-Twenty-seventh Session to find practical solutions to the increasing external indebtedness of developing countries, Bearing in mind resolution 59 (III) of 19 May 1972 adopted by the United Nations Conference on Trade and Development at its third session,100 Noting that, according to official information given by the International Bank for Reconstruction and De- velopment to the United Nations Conference on Trade and Development at its third session, the combined gross national products of the countrie~ of the world increased by $1,100,000 million during the First United Nations Development Decade and all the developing countries together accounted for only 20 per cent of that increase, Taking into account the report of the World Bank Group to the Board of Governors, dated 25 September 1972, 101 on the steadily increasing burden of external debt servicing ( amortization and interest) by the de- veloping countries, which this year will exceed $7,000 million, A ware that, by absorbing ever-increasing percentages of their export earnings, the servicing of the external debt of the developing countries is jeopardizing the chances of attaining the goals set for the Second United Nations Development Decade, Considering therefore that it is urgently necessary to adopt practical measures to reduce effectively the burden represented by the external debt servicing of the developing countries, 1. Requests the Trade and Development Board to study, through its Committee on Invisibles and Fi- nancing related to Trade at its sixth session, the prob- lems deriving from the burden for the developing coun- tries represented by the servicing of their external debt, including the desirability and feasibility of the estab- lishment and operation of a special fund for the fi- nancing, and/or compensation, of the interest on that debt; 2. Further requests the Secretary-General of the United Nations Conference on Trade and Development to prepare, after consultation with the President of the International Bank for Reconstruction and Develop- ment and the Managing Director of the International Monetary Fund, a study on the matters referred to in paragraph 1 above with a view to its submission to the Committee on Invisibles and Financing related to Trade for consideration at its sixth session. 2115 th plenary meeting 19 December 1972 3040 (XXVII). Multilateral trade negotiations The General Assembly, Recalling resolution 82 (III) of 20 May 1972 as well as resolution 62 (III) of 19 May 1972, adopted by the United Nations Conference on Trade and De- velopment at its third session,102 and the principles 100 See Proceedings of the United Nations Conference on Trade and Development, Third Session, vol. I, Report and Annexes (United Nations publication, Sales No.: E.73.JI.D.4), annex I.A. 101 See International Bank for Reconstruction and Develop- ment-Intern~tional Development Association, Annual Report, 1972 (Washmgton, D.C.). 102 See Proceedings of the United Nations Conference on Trade and Development, Third Session, vol. I, Report and Annexes (United Nations publication, Sales No.: E.73.II.D.4), annex I.A. contained in paragraph 1 of resolution 82 (III), which were drawn up by the developing countries to serve as guidelines for the multilateral trade negoti:1tions in 1973, Recalling further the agreed conclusions adopted hy the Trade and Development Board at the lirst part or its twelfth session, rn;i Considering the importance of those multilateral trade negotiations from the point of view nf the trade and economic intnests of the developing countries, Recognizing that the negotiations may kad to very important changes in world economic affairs and that the interests of the developing nations should be taken fully into account both in the field o[ trade and in the spheres of international monetary reform and develop- ment financing, Considering that the summing-up by the Chairman of the Contracting Parties to the General Agreement on Tariffs and Trade at its twenty-eighth session, on 14 November 1972, regarding the objectives of the developing countries in the multilateral trade negotia- tions may be considered a step forward in so far ,1s it states that the negotiations should aim at securinf additional benefits for the international trade of the developing countries so as to achieve a substantial in- crease in their foreign exchange earnings, diVL'rsifica- tion of their exports and an acceleration of the rate of growth of their trade, taking into consideration their development needs, Taking into account the establishment of a Prcpar,1- tory Committee for the Trade Negotiations within the framework of the General Agreement on Tariff, and Trade, I. I nvitcs all Contracting Parties to the General Agreement on Tariffs and Trade to give priority atten- tion to the economic and development needs of devel- oping countries during the preparatory work as well as in all stages of the multilateral trade negoti:ltions: 2. Also invites the Contracting Parties to the Gen- eral Agreement on Tariffs and Trade to re-examine, with a view to their adoption, the objectives of the developing countries in the multilateral trade negotia- tions that were not included in the summing-up by the Chairman at the twenty-eighth session of the General Agreement, particularly those relating to the economic development of the developing countries, such as an increased share for the developing countries in world trade, an improvement in the conditions of access for their exports to the markets of the industrialized coun- tries and new rules for the international trade of those countries; 3. Declares that the multilateral trade negotiations should contribute effectively to a more equitable inter- national division of labour; 4. Recommends that the Contracting Parties to the General Agreement on Tariffs and Trade should take full account of the following principles. to serve as guidelines for the multilateral trade negotiations: (a) The developing countries, collectively or indi- vidually, shall not suffer, directly or indirectly, adverse or prejudicial effects as a result of these negotiations: on the contrary, the negotiations 5hall provide the de- veloping countries with additional benefits that repre- 10~ See Official Records of the General Assembly, Twenty- seventh Session, Supplement No. I 5 (A/8715/Rev. J), part one, annex I. Resolutions adopted on the reports of the Second Committee 55 sent a substantial and meaningful improvement of their position in international trade so that they may secure an increasing share in the growth in international trade commensurate with the needs of their economic de- velopment on the basis of non-reciprocity, non-discrimi- nation and preferential treatment; (b) If the preferential advantages enjoyed by de- veloping countries are adversely affected by the results of these negotiations, the developed countries shall take additional measures to compensate the developing countries so affected; (c) Developed countries shall provide more favour- able and acceptable conditions of access to the products of developing countries and ensure for these products a larger share of the markets of developed countries, and devise measures designed to attain stable, equitable and remunerative prices for these products; (d) All developing countries, whether or not con- tracting parties to the General Agreement on Tariffs and Trade, shall be entitled and enabled to participate fully, effectively and continuously in all stages of these negotiations so that their interests arc fully taken into account; (e) All concessions that may be exchanged by de- veloped countries among themselves shall automatically be extended to all developing countries; (f) Concessions granted by the developed countries to developing countries need not be extended to the developed countries; (g) In the negotiations among developing countries, the tariff and other concessions which they may nego- tiate among themselves shall not be extended to the developed countries; (h) The negotiations should, as a matter of priority, secure significant concessions for the products of par- ticular interest to the least developed countries; (i) The utmost priority shall be accorded to the removal of all barriers to the products of export in- terest to developing countries in the markets of devel- oped countries; (j) Concessions agreed upon in the negotiations in favour of developing countries shall be made available to them immediately and will not be phased, nor will accession to the General Agreement on Tariffs and Trade be a prior condition for the enjoyment of the benefits of such concessions; 5. Further invites the Contracting Parties to the General Agreement on Tariffs and Trade to study and adopt: (a) New rules fully recognizing the right of devel- oping countries, especially the land-locked countries, to non-reciprocity, non-discrimination and preferential treatment for developing countries, and to incorporate these rules in the General Agreement on Tariffs and Trade; ~ (b) Objectives aimed at ensuring the acceleration of the economic development of developing countries; ( c) Objectives aimed at defining in the trade nego- tiations specific goals, both global and sectoral, and on a product-by-product basis; 6. Invites the Preparatory Committee for the Trade Negotiations to study ways and means for economic and financial compensation for any loss incurred by developing countries as a result of these negotiations; 7. Reconunends that the negotiations should, as a matter of priority, secure significant concessions for the primary commodities, including processed and semi- processed products, for the least developed among the developing countries and for the land-locked devel- oping countries, with a view to improving substantially their export of these products; 8. Further recommends that the trade negotiations should secure the liberalization of tariff and non-tariff barriers on a preferential basis for the exports of de- veloping countries, whether or not contracting parties to the General Agreement on Tariffs and Trade; 9. Requests the Secretary-General of the United Nations Conference on Trade and Development to make intensive efforts to assist developing countries in the preparations for the negotiations and in the nego- tiations themselves, drawing up and implementing in- terregional, regional and country programmes. in full collaboration with the United Nations Development Programme and the secretariat of the General Agree- ment on Tariffs and Trade; 10. Endorses fully section D of resolution 82 ( III) of the United Nations Conference on Trade and De- velopment, particularly with regard to co-ordination between the Secretary-General of the United Nations Conference on Trade and Development and the Di- rector-General of the General Ae;rccmcnt on Tariffs and Trade; ~ 11. Requests and recommends that in general the decisions and measures that the Contracting Parties to the General Agreement on Tariffs and Trade adopt in favour of the developing countries should be applicable to all of them; it also requests and recommends that, in whatever action or special measures they take in favour of the least developed countries. they should ensure that the interests of the other developing coun- tries are in no way harmed or prejudiced. 2115 th plenary meetinR 19 Drcemher /9T! 3041 (XXVII). Report of the United Nation;, Con- ference on Tradt' and Devdopment on its third session The General Assernhiy, Recalling its resolutions 1995 (XIX) of 30 De- cember 1964, 2570 (XXIV) of 13 December 1969, 2626 (XXV) of 24 October 1970 and 2725 (XXV) of 15 December 1970, Recalling further resolution 2820 (XXVI) of 16 December 1971, in which it laid down the objectives for the third session of the United Nations Conference on Trade and Development and dccidd to consider the results of that session as a matter of high priority, Recalling in particular section II of its resolution 2820 (XXVI) on a comprehensive review of the insti- tutional arrangements of the United Nations Conference on Trade and Development with a view to imprm ing the efficiency of its operations, and on the essential role of the Conference to review and appraise, within its field of competence, the progress achieved in the im- plementation of the International Development Strategy for the Second Nations Development Decadc,104 Having considered the report of the United Nations Conference on Trade and Development on its third 104 Resolution 2626 (XXV).

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