As the decade of the 1980s drew to a close, world developnents moved through a phase of transition and change of such soope and speed as tx, leave many of us with a mixed sense of relief and wonderment. Clearly, the i:olitical climate and complexion of the globe are changing, portending new-challenges, but also offering hopeful auguries for a better and more peaceful world. Can the same be said of developnen ts in the economic sphere? To be sure, change is also pervading the international economic scene, with seminal trends gaining increasing prominence, progressively propelling the world economy into ever greater interdependence and integration. Blt, in contrast to the aura of detente in East-West relations, unacceptable inequities and imbalances in the North-South equation still prevail, and may, indeed, grow worse. It is nOfl a,mmonplace to speak of a new era of global interdependence. But genuine interdependence presumes equality, equity and mutual benefit, lest it simply cloak new forms of dependency relationships between developed and developing countries. JP/sm A/S-18/PV. 2 65 (Mr. Alatas, Inoonesia) The rapid advances in science and technology that are drastically altering the patterns of production, consumption, trade and financial interchange indeed offer new possibilities for more generalized prosperity among nations. Yet at the same time they may well implct negatively on the p:>sition of developing countries in terms of comparative advantage, terms of trade and the international division of labour. JSM/edd A/S-18/PV. 2 66 (Mr. Alatas, Indonesia) In an increasingly multipolar world, new centres of economic power and dynamism have emerged. But this trend is accompanied by the formation of p:,werful ecooomic groupings among developed countries, as exemplified by the prospective single European narket and the united States-Canadian Free Trade J\greement. Certainly, such regional economic integration could be a rrajor stimulus to global economic activity, provided it remains outward-looking and does not result in 
**Analysis**
The text discusses the global economic landscape, highlighting the rapid changes, new trends, and challenges faced by developing countries. It touches on the themes of interdependence, inequality, and regional integration, indicating a strong focus on economic development and international trade.

**Category**
Economic development, International trade