Allow me, Sir, to express the congratulations of the Government of Panama on your election to preside over this historic session of the General Assembly. I would like to congratulate warmly the Secretary-General for the dedicated manner in which he has undertaken the difficult task of reforming the United Nations so as to ensure that it will be able to address the challenges of the twenty-first century. I wish to express my special thanks in particular to the outgoing President of the General Assembly, Mr. Jean Ping, for his efforts in leading the consultations and reflections in order to attain agreement and, in particular, for placing his trust in the delegation of Panama in order to facilitate this process. The United Nations was conceived on a fundamental premise, that of the legal equality of States, which at the time was more of an aspiration than a reality. However, much progress has been made on the path towards building a world where the power of reason, justice and dialogue settle disputes between nations and not military or economic power. My country can confirm that the United Nations and the international community have created effective instruments and institutions to ensure that equality prevails over the deep divide between the industrialized countries and the developing countries. Panama has gained full control of its territory and recovered the Canal thanks to its visionary leaders, but also to a large extent due to the implementation of the principles of international law that the United Nations has staunchly defended and through the support of the international community. Panama can never remain indifferent to the destiny of the Organization. As one of the signatories of the Charter and beneficiary of its institutions, Panama understands the need to adapt the Organization to the reality of our time. The formulas used for bringing this adaptation about must focus on increased participation of States in the Organization’s decisions and must aim at the full legal equality of all States, an aspiration that has yet to become a reality, but which, nevertheless, remains the mainstay of the United Nations. We cannot afford to delay in bringing about a radical change in the rules that currently govern economic relations among States, because, while in the United Nations we are slowly progressing towards equality and agreement, the world is rushing towards an abyss of inequality and disagreement. Despite the efforts undertaken by a number of the least developed countries to adapt their institutions to models that were supposed to help reduce inequalities, practice has shown that there is no one-size-fits-all solution that can be applied across the board to all countries. Indeed, the application of rigid solutions has contributed rather to a further widening of the gap between countries. Amid such uncertainty concerning our public development policies, unforeseeable events — natural disasters, epidemics and, currently, the rising price of oil, an indispensable driver of production and 15 growth — have completely altered the balance of foreign and domestic affairs. Moreover, it is unclear whether the negative impact those events have had on our economies will vanish automatically once the phenomena that have created them disappear. Indeed, it appears that we are caught in a vicious and hopeless circle: the differences that have led us to accept urgent changes have, in turn, created more difference and greater resentment in the least developed countries, with more failed States and therefore greater insecurity in the global village. The price of oil for non-producing countries has further deepened that divide, as it takes away from the resources necessary for their development. To give an example, over the past three years the cost of net imports of oil for Panama has shown a 250 per cent increase. That is the situation for the majority of the countries in our region, as well as for those in other continents, with very few exceptions. Countries like ours that are net importers of oil have to produce more in order to export more and thereby to be able to import the same number of barrels of oil. Rising oil prices are due to the sharp increase in demand by the major consumers, which have not adopted effective policies to reduce their dependency on hydrocarbons. Even more serious is the fact that fuel prices have risen so dramatically and have wreaked such havoc in a number of countries they threaten to create political instability and provoke economic crises. It is only with the technical and financial cooperation of developed countries — in particular in the field of energy — that we can achieve the transfer of technologies that can help us to produce cleaner and cheaper energy. As a signatory to the Kyoto Protocol, Panama has submitted projects with clearly identified requests for financing that deserve to be supported by multilateral funding institutions and by those countries that cause the greatest pollution. Energy dependency is compounded by the difficulties that countries face in importing technology and holding on to their human resources, in particular the most qualified among them. Workers that have migrated to richer countries send home financial remittances that can temporarily supplement the income generated by our national economies but that, in the long term, prevent us from exploiting our most important asset — our most highly qualified human resources. Those workers contribute to the innovative growth that our nations require. The result is the accumulation of innovative capital and productive labour in the most developed countries, with a corresponding impoverishment of countries most in need of those resources, generating yet greater divergence and more inequalities. In other words, the exodus of human capital, while providing a source of currency in the short term hampers our countries’ long- term development. Our countries must be able to compete even in the absence of a level playing field. We must as a priority put an end to tariff barriers to trade, which prevent developing countries from putting their products on the markets of rich countries and from having access to better technology, not only productive but also information technology. As a result of the widening gap with regard to access to technology, our countries have fallen behind in their efforts to advance and to ensure the well-being of their people. Moreover, it has served to perpetuate the differences in living conditions between developed countries and those that are still struggling to emerge from underdevelopment. The situation is similar with regard to the obstacles that impede access to basic medicines to improve public health in areas as sensitive as AIDS and malaria. Those obstacles take the form of patents that grant quasi-monopolistic powers to the pharmaceutical companies that produce those medicines. In addition, the already devastating differences that exist between States are even greater than the statistics currently show, using simplistic and rigid criteria such as per capita income, which does not accurately reflect reality. Forty per cent of the Panamanian population lives below the poverty line, but we are nevertheless statistically designated as a medium- to high-income country and therefore our access to external aid is very limited. Figures provide only a lifeless snapshot of a country. Behind that, or perhaps in spite of that, there is a human reality: that of men, women and children who suffer from hunger and constraints. Those people are not even aware of the existence of the United Nations, but they are fully entitled to the benefits of modernity. Instead, their way of life is being relentlessly handed down from one generation to the next. 16 The international community has demonstrated great resolve in the fight against terrorism and insecurity and it is prepared to make even further sacrifices, if necessary. However, it is time to recognize that hunger and poverty also undermine the internal security of our countries and endanger democracy. It appears that the world only responds to headlines, but every day poor countries suffer from misfortunes and constraints that do not produce headlines for the tragic reason that the international community seems indifferent in some cases or has quite simply resigned itself to them. There is no point in asking a developing country to rectify so many deficiencies within a reasonable time frame if it cannot even have access to funds on more favourable and predictable terms than those currently being offered by the international capital market. Improving the quality of life of our citizens — a goal that the United Nations has set itself — depends on the increasing use of physical and financial capital, as well as the national labour force, in activities that generate growth and promote innovation. The material well-being of our societies will be achieved when more people work and each of those workers is more productive. Our countries are not begging for favours. What we are demanding is a more level playing field. The markets of industrialized countries are blocked by protectionist tariffs and by non-tariff barriers, which impede access to them by the rest of the world. The most developed countries pursue agricultural policies that seriously exacerbate poverty in developing countries. For one thing, their domestic production receives billions of dollars in subsidies. The surplus thus created is then dumped on world markets at prices that significantly reduce the income of the traditional exporting countries. Therefore Panama welcomes the commitment of the United States of America, announced last week from this very rostrum by its President, to eliminate all subsidies that — as he himself recognized — have created poverty in many countries. If all those countries that subsidize their products to the detriment of free trade were to adopt here a similar commitment and to implement it swiftly, then the United Nations would have solid grounds to celebrate its sixtieth anniversary as an historic and highly significant occasion. For its part, Panama reiterates today that the canal linking the Atlantic and Pacific Oceans will remain open and secure, demonstrating the high degree of efficiency to which the international community is accustomed. We have analysed the needs of international trade and, aware of Panama’s role in the era of globalization, we shall take a definitive decision on the canal’s extension through a national referendum. Our countries should not be condemned to stagger from one crisis to the next. By emphasizing the need to combat the alarming levels of poverty and abject poverty, humankind’s collective conscience will emerge in favour of development and progress. This Organization was created at the end of the cruelest war of all times in order to protect humankind from the horrors of a similar conflict and to ensure that peace and harmony would prevail throughout the world. Panama welcomes the progress that has been made towards that goal and rejects any attempt to delay the application of peaceful solutions to regions that continue to suffer a high level of political tension that seriously endangers peace. That is our vision of the inequalities of a society founded on the principles of the twentieth century, and an expression of cautious optimism about the opportunities to blaze a new trail for the benefit of our people, who want to leave their fears behind and to attain the dreams that all are entitled to simply by virtue of being alive.