A majority of its membership now consists of developing nations which have recently discarded the shackles of colonialism. Inevitably, greater attention of the U.N. and its agencies has been devoted to problems of development. There is an almost uninterrupted dialogue within and outside the U.N. between the developed and developing countries. Many of the ideas and programmes have been discussed for more than a decade now. Yet, whether it is the question of indebtedness of developing countries or of greater access to the markets of developed countries, little progress has been registered.
The two special sessions of the U.N. General Assembly have raised the economic dialogue to a higher political level. The newly-found strength of some of the developing countries has given an impetus to this process, culminating in the so-called North-South Dialogue which is continuing in Paris for the last one year. This Conference on International Economic Co-operation, which has brought together the developed and developing countries for wide-ranging negotiations on economic questions on the global agenda, began on a note of high expectation. The developing countries have every reason to feel an acute sense of disappointment at the slow pace of negotiations and their meagre outcome. The developed countries must realise that the present unjust arid unequal economic order cannot continue indefinitely without leading to an explosive situation.
It should not be too much to hope that in the last quarter of the 20th century, humanity will not wait for a catastrophic event before the job of restructuring the present economic order is seriously taken in hand. The situation of the developing countries in general and the most seriously affected countries in particular has already reached a critical stage. For instance, the indebtedness of developing countries has exceeded U.S. $ 150 billion. Even a five per cent reduction in the military budgets of developed countries could result in the transfer of sorely needed resources and dramatically transform the opportunities open for development for
two-thirds of mankind. Unless the developed countries collectively display a political will and translate their understanding of the situation into meaningful progress, a just global economic order based on inter-dependence and mutual benefit will continue to elude us.
