The Arab countries have constantly exerted efforts to adjust to the new world economic situation, with most of them followinq new approaches to development and carrying out economic reform packaqes which have included widening the participation of the private sector in development efforts, aPplying strict public-spendinq policies and reducinq external and internal imbalances. With reqard to economic groupinqs, there has been a common Arab economic effort to benefit from the Privileqes which they can offer. I would refer here to the action taken by Iraq, toqether with Jordan, Eqypt and Yemen, in establishinq BCT/sm A/S-18/PV. 6 10 (M.r. Al-Zahawie, Iraq) the Arab Co-operation Council as a practical step towards the creation of a common market between the States members of the Council, with a view to achievinq a oommon Arab market and Arab economic uni tv. Mr. President, I wish you every success. BHS/jg A/S-18/PV. 6 11 ADDRESS BY MR. GIDRGE VASSILIOU, PRESIDENT OF THE REPUBLIC OF CYPRUS The PRESIDENT: This afternoon, the Assenbly will hear an address by the President of the Republic of CiPr us. Mr • George Vassiliou 1 President of the Re'PUblic of Cyprus, was ~€cor ted into the·General·Assembly Hall. President VASSILIOU: It is a lesson of both remote and recent history that economics equals politics, and politics economics. Just as the two fields interact and mutually influence each other, so neither of the two may be fully and effectively addressed ·without reference to the other. This fact alone is sufficient to render particularly apt the Present special debate on economic issues by the United Nations, the foremost international political organization. On this occasion I should like to congratulate you, Sir, on your election as President of the General Assembly at this special session and 
**Analysis**
The text discusses the economic efforts of Arab countries, their economic reform packages, and the creation of a common market between member states. It also references a special debate on economic issues at the United Nations. These topics suggest that the text is primarily focused on economic issues, but also touches on international relations and cooperation.

**Category**
Economic development, International trade