corporations, The focus of attention was on the outstanding issues in the negotiations for the code of conduct, although the participants also addressed the need for such a code and the prospects for its finalization. Need for the code The participants endorsed the validity of the code exercise 1n the contemporary international economic environment. They felt that the code wac still as critical as it had been at the inception of the negotiations some 13 years ago. Current international developments, such as the increased internationalization of economic activities, the phenomenal growth in the volume of trade and foreign direct investment flows, the emergence of services as an important component of foreign direct investment and trade, and indeed the entire phenomenon of increasing interdependence in the world economy, all underscored the importan ce of transnational corporations as major actors in the world economy. Those trends reinforced the need for an international framework for the operations of transnational corporations. Outstanding issues lt was agreed that the outstanding issues in the code of conduct had important implications for international law, and the principal objective of the symposium was to invite distinguished and experienced international lawyers to review those issues, the divergent positions of the negotiating parties and the various formulations with a view to making an overall assessment as to whether the basic approach of the Commission on Transnational Corporations in the formulation of the various provisions was feasible or otherwise flawed on technical grounds. The outstanding issues in that regard were: (a) The question of a reference to international law/international obligations; (b) Non-interference in national political affairs; (c) Respect for national sovereignty; (d) Nationalization and compensation; I ••• EiC. 10/1990/5 English (e) Dispute settlement; (f) National treatment. Page 29 The participants found no fundamental technical flaw in the basic approach of 
**Analysis**
The text discusses the code of conduct for transnational corporations, highlighting the need for an international framework to regulate their operations in the contemporary international economic environment. The outstanding issues in the negotiations revolve around key concepts such as international law, national sovereignty, and national treatment. This suggests that the category is related to international economic relations and governance.

**Category**
International trade, Industry