1. As the United Nations celebrates its fortieth anniversary, the Committee called for a rededication to the objectives of multilateral economic co-operation. 2. The Committee expressed profound concern at the stresses and strains facing multilateral economic co-operation and the consequent grave danger of a drift away from order, stability, predictability and rules, and towards greater arbitrariness, uncertainty and the exercise of power, which poses a particularly menacing threat to the weakest members of the international community. 3. The contribution of multilateral co-operation to post-war economic progress has been impressive, but major changes in the world economy have created new challenges and problems. The world has become more pluralistic; extensive micro-links between economies have been established; increased interdependence has left national economies more vulnerable to other countries' policies; increased capital mobility has limited national control over domestic monetary affairs and exchange rates; and political mechanisms for the joint pursuit of agreed global economic objectives have become more complex. 4. Existing institutions have struggled to adapt to the changing needs and challenges but their efforts have sometimes been flawed and, increasingly, have not been enthusiastically encouraged by national Governments. Turning away from previous commitments to multilateralism, countries pick and choose which particular multilateral obligations seem to them to be less important than others. Bilateral, regional and bloc arrangements have a role in international co-operation, but they are increasingly being used by major countries as substitutes for multilateral arrangements and sometimes to increase control over those arrangements. 5. Major new challenges are emerging for the international system which would require increased multilateral co-operation in many areas, but the issue which Governments are likely to pay closest attention to is the transformation under way in the world's industrial and financial structure. Deep sectoral shifts are under way in many economies. Without restoration of rapid growth to ease the painful 
**Analysis**
The text discusses the challenges and changes in the world economy, the role of multilateral co-operation, and the need for increased cooperation to address emerging challenges. It highlights the importance of multilateral economic cooperation and expresses concern about the drift away from it. The text does not focus on specific sectors such as agriculture, forestry, fishing, health, education, employment, or humanitarian aid, but rather on the broader issues of international economic co-operation and development.

**Category**
International trade, Economic development