A/RES/623(VII) GA

Reaolutlom adopted ·on repol'la of dae Seeond C.Ommlttee IS 1. Looks forward to the early completion of their tasks by the International Bank for Reconstruction and Development and by the Economic and Social Council; 2. R1qu1sts . the Secretary-General to place at the disposal of the International Bank the records of the discussion on this subject at the seventh session of the General Assembly; 3. R1qt11sts the Economic and Social Council to report to the General Assembly at its eighth session on the progress made in regard to the proposal for the establishment of an international finance corporation. C The General Assembly, Considering: 411th plenary meeting, 21 December 1952. (a) The importance of stimulating the interna- tional flow of private capital for the economic develop- ment of under-developed countries, ( b) The work already done in this field by the Economic and Social Council, by its regional commis- sions and by the specialized agencies, as well as the varioua studies on the question which have been pre- pared by the governments of various Member States, by the Secretary-General and by a number of non- governmental organizations, (c) That certain governments have taken action designed to stimulate the flow of private capital for economic development purposea, (d) That,despite the efforts already made in this regard, the flow of private capital is not yet adequate to cover the needs of the under-developed countries, 1. R,qu,sts the Secretary-General: (o) To include in an early future world economic report an' analysis of the international flow of private capital, including·the volume and direction of that flow as well a, the types and the fields of application of such investment and any reasons for the continued inadequacy of . such investment in under-developed countries, so as to facilitate the efforts of the Eco- nomic and Social Council in its formulation of con- structive proposals ; ( b) To prepare a memorandum for the Economic and Social Council summarizing the work done, the studies conducted and the action taken, as referred to in sub-pa.ragrarhs ( b) and ( c) of the preamble to the present resolution ; 2. R,qwsu the Economic and Social Council,, in the coune of its conaideration of the que1tion of financ- ing econqmic development in the light of the analylis and of the memorandum referred to in paragraph 1 above, to give attention-at an early session to the steps which the Unitec:l N•tions, the specialized agencies and the govenuaefltl of Member States might take to stimulate the iteadl flow into under-developed cotm- "1es o.f i?lttate capital in adequate amounts, 10 that it may effectively contribute to the harmonious and ade- quate integration of the economies of those countries and to their economic and social development. 623 411th plenary m111ing, 21 Dec,mber 1952. (VII). Financing of economic development through the eetahllehmenl of fair and equl• table international prieee for primary eom• moditiee and through the execution of na- tional programmee of integrated economic development The General Assembly, Taking into account the relevant passages of Gen- eral Assembly resolutions 307 (IV), 403 (V), 404 (V), 521 (VI) and 523 (VI), of Economic and Social Council resolutions 341 (XII), 416 F (XIV) and 427 (XIV), as well as the suggestions• of the group of experts appointed in pursuance of Council resolution 290 (XI), Recogniring that the problem of financing the eco- nomic development of countries in the process of de- velopment is fundamental to the maintenance of the peace of mankind, and that,. therefore, high priority should be given to the consideration of its practical solution in international economic relations, C onsid,ring: (a) That the urgent and satisfactory solution of this problem requires the full utilization of all sources of financing, among which• the 'ability to obtain ade- quate and stable proceeds from exports is one of the most important for all under-developed countries, ( b) That, in formulating measures for financing economic development, consideration should be given to the influence on their economic development of the terms of trade of the countries supplying primary com- modities, ( c) That, without prejudice to the international and national measures already recommended for fi- nancing economic development, special attention should be given to the correction of maladjustments resulting from cyclical fluctuations in the prices of individual primary commodities and from secular movements in their value as a group in terms of manufactured goods, ( d J That the economic rroaperity of countries in the process of development 1s especially vulnerable to wide short-term fluctuations in the prices of primary commodities which affect their terms of trade, and that any deterioration in the terms of trade affects the economic development and monetary ectnilibrium of these countries and so hampers not only the acquisition of the necessary amounts of external means of pay• ment but also the formation of sufficient domestic aav- inp, ( ,) That the implementation of plam of ~ted economic development contributes to the mitigation of the consequences of such flactuatioaa or of any dete- rioration in the terms of trade, (/) That in order to make such programmes Po': sible it is necessary both for the highly induatrialized • See 011,eial R,eonl, of IM Gfflfflll A1UMbl1, Sillla S•1- .not1, s-,,,,,,._, No. J, para. 454 ,, 1,q. 16 General Auembly-Seventh Sea.Ion nations and for the nations in the process of develop- ment to encourage the formation of appropriate do- mestic savings in the latter, 1. Recommends to Member States that : (a) Whenever governments adopt measures affect- ing the prices of primary commodities entering inter- national trade, they should duly consider the effect of such measures on the terms of trade of countries in the process of development, in order to ensure that the prices of primary commodities are kept in an ade- quate, just and equitable relation to the prices of capi- tal goods and other manufactured articles so as to permit the more satisfactory formation of domestic savings in the countries in the process of development and to facilitate the establishment of fair wage levels for the working populations of these countries with a view to reducing the existing disparity between their standards of living and those in the highly industrial- ized countries ; (b) Without prejudice to the recommendation con- tained in sub-paragraph (a) above, their governments should give serious consideration to all other aspects of the problem of undue fluctuations in the terms of trade; (c) Their governments should intensify their ef- forts to reduce restrictions on imports of primary com- modities; 2. Recommends that governments co-operate in es- tablishing multilateral as well as bilateral international agreements or arrangements relating to individual primary commodities as well as to groups of primary commodities and manufactured goods, for the pur- pose of: .!~L Ensuring the stability of the prices of the said ~odities in keeping with an adequate, just and eauitable relationship between these prices and those of l·-goods and other manufactured articles; C" ) " Safeguarding the continuity of the economic ~ __ , ocial progress of all countries, those producing as. well as those consuming raw materials ; 3. Recommends that the countries in the process of development should adopt and give effect to na- tional programmes of integrated economic develop- ment conducive to the rational utilization of the pro- ceeds of their primary activities, the absorption of their surplus active ~pulation and the improvement of their standards of bving ; 4. Requests the Secretary-General to include in the study being prepared in compliance with Economic and Social Council r~solution 427 ( XIV) an estimate of the financial repercussions which changes in the terms of trade between primary commodities and capital goods and other manufactured articles produce on the national incomes of countries in the process of develop- ment, and an analysis of the distribution of those in- comes; 5. Furlh,r requests the Secretary-General to pre- pare, for submission to the Economic and Social Coun- a1 and to the General Assembly, a study on the impact of important synthetic products on the demand for natural primary products entering international trade; 6. Further requests the Secretary..General to ap- point a small group of experts of recognized authority on the subject to prepare, during 1953, a report on such practical measures as it may be advisable to adopt pursuant to the recommendations contained in sub- paragraphs (a) and ( b) of paragraph 1, and in para- graphs 2 and 3 of the present resolution, the report to be issued on the responsibility of the group of experts and to be transmitted to the General Assembly to- gether with the Economic and Social Council's views thereon; 7. Further requests the Secret.,.: y-General to place at the disposal of the group of experts mentioned in the preceding paragraph the records of the discussions on this item during the seventh session of the General Assembly. 411th plenary meeting, 21 December 1952. 624 (VD). Migration and economic development The General Assembly, Considering that the under-developed countries vary considerably in density of population, Considering that in many of these and other coun- tries, owing to the insufficiency of suitable land and of opportunities of employment, over-population is re- flected in unemployment, under-employment, poverty and under-consumption, Considering further that, in many countries with vast areas of cultivable land, sparseness of population and inadequacy of capital have been factors retarding economic development, Noting that the Director-General of the International Labour Office in his reports I to the Economic and Social Council deals with the International Labour Organisation's proposal for further action regarding methods of assisting European migration, 1. Recommends Member States and non-member States, classified variously as countries of emigration and of immigration, to conclude bilateral or multilat- eral agreements with a view to the equipment, transfer and resettlement of groups of emig·rants, without racial or religious discrimination, as a part of their general economic development ; 2. Re~uests the Secretary-General, the specialized agencies, m particular the International Bank for Re- construction and Development, and other interested international organizations to continue their active co- operation in the equipment, transfer and technical training of groups of emigrants in the countries of emi- gration or immigration or both, by rendering such economic, financial or administrative assistance as is consistent with their respective constitutional provi- sions. 411th plenary meeting, 21 December 1952. 1 See Official Records of lht EconoMic and Social C011,u:il, Fourttnstli Sts.tioff, Annt.s-ts, document' E/223S and mimeo- graphed document E/22.lS/ Add. l.

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