I extend my congratulations to Mr. Vuk Jeremić on his election as President of the General Assembly at its sixty-seventh session. I wish him every success in the year ahead. The global economic situation remains uncertain. Europe is in recession and growth in other places is weakening. There is increasing concern that this combination of weak consumer demand in developing countries and a continuing crisis in the eurozone may lead to a global recession. An even greater danger, especially for small States like Singapore that depend on global trade, is the risk of increased protectionism. Populist pressures in countries affected by austerity and economic crisis can cause further instability as politicians become unwilling or unable to deal with long-term, structural economic problems. While emerging economies focus on maintaining economic growth, developed economies are preoccupied with both immediate and structural socioeconomic problems. Understandably, there is less focus on strategic regional and international issues. However, serious, long-term challenges remain. Rising income disparities, climate change issues and worries about food security are not being adequately addressed at the global level. Amid that uncertainty, no State or group of States currently has the power to definitively set the international agenda. Decision-making and governance on global issues have and will continue to become increasingly complicated. The multiplicity of interests makes finding consensus in international forums that much more difficult. Frustration over the inability of existing multilateral institutions to deal with those global challenges is growing, and that has given rise to a greater tendency for countries to turn to smaller and more exclusive groupings outside of the United Nations framework for solutions. The Group of 20 (G-20) is one such example. Without the G-20, the 2008 economic crisis may have well led to a global depression. However, the G-20 is an exclusive grouping; it leaves out the vast majority of the United Nations membership, particularly small States. It is a self-selected group, but one that is here to stay in the foreseeable future. The Global Governance Group was therefore established by like minded-countries, including Singapore, to strengthen the engagement between the G-20 and the general membership of the United Nations. Even as we work with the G-20, we should look for ways to strengthen and reform existing multilateral institutions, including the United Nations, the World Bank, the International Monetary Fund and the World Trade Organization. That will help us to achieve greater efficiency, rather than continuing to invent more smaller groupings. Many of us often fault the United Nations, including the Security Council, for its inability to act to resolve ongoing conflicts. However, as frustrations mount, let us not forget that the United Nations and its organs, including the Security Council, can do only what its Members choose to do, so we are responsible for the current state of affairs. The United Nations is an organization of sovereign nation States. It has no more authority than what its Members give it. Any failure of the Security Council and the United Nations in maintaining peace and security represents a failure of the Member States themselves. We should therefore support ongoing and new efforts aimed at strengthening the United Nations, instead of denigrating it. The United Nations is unique in its ability to come up with global solutions because of its universal membership, legitimacy, experience and presence on the ground. No other organization is as well equipped to do so. A significant expansion of the United Nations mediation capabilities, good offices and peacekeeping efforts has made it central to international crisis prevention and the mediation and settlement of disputes. We should continue to support the strengthening of those aspects. The five permanent members of the Security Council, with their veto powers, have the primary responsibility to make the Council more effective. That is why Singapore has consistently called for improvement in the Security Council’s working methods. The Security Council is not a rubber stamp for the interests of its individual members. Its power, if not visibly and openly wielded for the greater good and to discharge its mandate in all instances, will eventually undermine its legitimacy and leadership role in the international community. That is in no one’s interest. Singapore believes that the long-term goal of the United Nations should be to provide an effective system of international law and resilient mechanisms for the peaceful settlement of disputes. That will provide a platform for States under threat to bring their problems before those mechanisms with confidence, rather than trying to resolve them by force. The President has selected an important theme for the sixty-seventh session of the General Assembly: bringing about adjustment or settlement of international disputes or situations by peaceful means. In a fast- changing environment, where the global governance structure is fragmented and coordination is difficult, the parameters of dialogue among States become crucial. In that dialogue among States, respect for the rule of law by all parties is essential. If that were not the case, small States would lose their independence and autonomy, and even the larger and stronger States could never feel entirely secure. A stable international system is critical to our collective security. Small States like Singapore are vulnerable even at the best of times, and these are not the best of times. It is therefore particularly important for small States to be in an international environment where international law and institutions based on law can flourish. We need a predictable and stable, rules-based international system in order for all of us to survive. Singapore firmly believes in the importance of safeguarding the international rule of law. We have participated actively in various multilateral negotiations, used international dispute mechanisms, such as the International Court of Justice and the International Tribunal for the Law of the Sea, to resolve disputes we have had with other countries. Our view is that disputes, including those over territorial sovereignty, can and should be resolved peacefully, in accordance with international law. As major beneficiaries of a stable international system, it is incumbent upon small States to not only support the international rule of law, but to also speak up against its violation. This year, the 105-member Forum of Small States will commemorate its twentieth anniversary with a high-level conference on small States on 1 October. The conference will discuss the role of small States in international relations, including our commitment to the rule of law and the peaceful settlement of disputes. We invite all Member States to attend the conference. We hope that the conference will be a platform for small States to share our experiences and remind the international community that small States, too, have contributions to make to the maintenance of an international system that benefits all nations of any size.