and west. The development of this latter dimension has been most spectacular in recent months. Due to a great number of factors which I need not elaborate here, the external political and economic environment has become a major source of encouraqement for us. The leitmotif of these new bfpes of relationship will imply full acceptance of the norms and principles that should enhance the functioninq of a 1 iberal, yet development- and environment-conscious, multilateral economic system. It is in this spirit that we intend to transform our economic relations with the countries in the Council for Mutual Economic Assistance (CMEA) reqion on the basis of equality and mutual benefits. Efforts aimed at radically and essentially rebuildinq the JP/ASW A/S-18/PV. 5 73 (Mr. Somoqyi, Hungary} East European institutions are meant to provide for an adequate framework of a truly multilateral co-operation, with world market standard reciprocity replaci nq mutual assistance. We shall cb our utmost to become an integral part of an emerqinq European economic area. Being aware of the fundamental role the European Community is to PlaY in this regard, we attach Paramount importance to, and follow with sympathy, the efforts aimed at deepening the process of integration. Yet we find it to be of eminent significance for Europe that this process be devised and implemented in a way that pays due consideration to the transitory status of Hunqary and other Eastern and Central European economies. Thus we hope Hungary will turn into an attractive, reliable, prospective trade and investment partner for the industrialized countries of Europe, North America and the Pacific, especially if it is given emphatic understanding and meaningful assistance in the current transitional state of its political and economic development. Let me emphasize here, too, the paramount importance -not only for the 
**Analysis**
The text appears to be discussing the economic policies and strategies of Hungary, specifically its intention to transform its economic relations with other countries, including those in the Council for Mutual Economic Assistance (CMEA) region. The language used suggests a focus on international trade, economic development, and cooperation, as well as the country's desire to become an integral part of an emerging European economic area.

**Category**
Economic development, International trade