involvement of all groups of countries in the process. That is impossible to achieve without reassessing the concept of economic sovereignty. There is no doubt -and this is accepted by everyone -that each country bears the main responsibility for its own development. In the past, that notion was predominantly interpreted as a right to conduct national economic activities on a strictly autonomous basis. Under present conditions, however, every State should take into account the international consequences of its economic policy, and is responsible for that policy before both it_s people and the international community. Naturally, those countries that play a leading role in the international economy have a special responsibility for creating an environment favourable to the development of all its components. At the same time, other countries should make proportionate contributions to that process, primarily by ensuring the efficieny of their national economies. JB/6 A/S-18/PV. 3 24 (Mr. Obmi nsky, USSR) Our co-operation with foreign countries shows that much remains to be done as regards a more rational use of internal resources and external credits, the promotion of effective methods of economic activity, and the diversification of production through an optimal correlation between public, co-operative, private and other sectors. In this regard, the expertise of the competent international organizations and the exchange of national experiences of various countries can be of great help. New Soviet laws on property, land and lease relations are laying the foundation for a new economic system in our country. and are stimulating citizens' free-production activities and all types of enterprises. A new package of laws is being devised to accelerate reforms and the transition to a regulated market economy. We are confident that the active involvement of the USSR and other Eastern European countries in the world economy will contribute to a balanced and sustained 
**Analysis**
The text discusses the importance of international cooperation and economic sovereignty in the context of economic development. It highlights the need for countries to take into account the international consequences of their economic policies and to work together to create an environment favorable to the development of all countries. The text also touches on the need for countries to diversify their production and to promote effective methods of economic activity.

**Category**
Economic development, International trade