Secondly, with reqard to the pressing issue of the debt burden of the developing world, we believe that a more comprehensive and effective mechanism should be developed to achieve a significant reduction in the external debt of developinq countries. While we welcome various initiatives taken thus far by some developed countries, thev appear to have lacked sufficient political will and a sense of shared responsibility between debtors and creditors, includinq international financial aQencies. Since the sustained development of develoPinq countries to a larqe extent depends upon securing adequate levels of financial resources, the net financial JP/jg A/S-18/PV. 4 162 (Mr. Yoo, Republic of Korea) flow to developing countries in the form of official development assistance and direct investment should be substantially increased. Thirdly, we believe that the issue of persistent protectionism. in international trade is another serious problem, common to all countries, that works especially against the trading interests of developing countries. In this connection, we cannot overemphasize the vital importance of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) in maintaining the principle of free trade. In addition, it is also of paramount importance that regional economic integration, as is exemplified by the forthcoming single European market and the North American Free Trade Agreement, should not assume restrictive forms and thus undermine the world economic structure. In particular, any regional arrangements should avoid practices of a discriminatory nature and seek to benefit the world economy as a whole. Fourthly, as decreasing East-West tension and the resultant process of disarmament make it increasingly feasible to mobilize invaluable financial resources from the possible reduction in military exPenditures, we believe that it would be most desirable if we could utilize these peace dividends to nourish the backward economies of developing countries. Part of an enlarged peol of peace 
**Analysis**
The text appears to be discussing global economic issues and their impact on developing countries. It touches on topics such as debt reduction, international trade, and the allocation of resources. The text also mentions the importance of cooperation and shared responsibility between nations. Given these themes, it is likely that the text is more closely related to economic development and international trade.

**Category**
Economic development, International trade