Allow me to congratulate you most warmly, Sir, on your assumption of the presidency of the General Assembly at its fifty-fourth session. My delegation is confident that with your vast experience you will steer us through the daunting array of issues before us with great skill. I assure you of the full cooperation and support of my delegation. May I take this opportunity to express our gratitude to His Excellency Mr. Didier Opertti for his leadership and for his contribution to the work of the fifty-third session of the General Assembly. My delegation takes great pleasure in welcoming the Republic of Kiribati, the Republic of Nauru and the Kingdom of Tonga as they assume their rightful positions in the comity of nations. It is appropriate that, at this final session of the General Assembly of the twentieth century, the United Nations family has been expanded by yet another three Members. We look forward to the valuable contributions they will make to the Organization, and to working closely with them on issues of mutual concern. This century has witnessed perhaps the greatest changes in the annals of civilization, from enormous strides in science and technology to advances in social thought and organization. Yet we continue to witness the worst forms of devastation arising from conflict and from the buildup of destructive capacity. The United Nations was born out of the ashes of the Second World War as a reflection of the desire and aspiration of all people to live in peace and harmony. At this, the last session of the General Assembly before the end of the millennium, it is incumbent upon us to consider whether the United Nations has lived up to the high ideals and expectations of all its Members. The primary objective and responsibility of the United Nations is the maintenance of global peace and harmony on the basis of international law and the sovereign equality of all nations. Even though the United Nations moved swiftly to assume this important responsibility of maintaining peace and security right from its inception, its effectiveness has not been optimal. The end of the cold war raised new hopes and expectations, and renewed efforts to exercise that responsibility. The task has been complex and difficult, and, sometimes, decisive action on some issues has led us to question why there was inaction on others. In our view, the primary mechanism for the maintenance of peace and security must make use of early dialogue aimed at peaceful resolution of differences. The use of force to resolve conflict must be considered with extreme caution; it must be fully within the context of international law and must enjoy the support of all the members of the international community. 25 The United Nations Charter entrusts responsibility for the maintenance of international peace and security to the Security Council. While the Council must have the flexibility to act promptly, it, or its individual members, must not operate in isolation. The Council must be responsible to the international community at large and must respond to our collective aspirations for a more representative, relevant and effective Organization. Bhutan associates itself with the position of the Non- Aligned Movement, which maintains that new global realities must be reflected through reform of the Security Council, in terms of both its composition and its working methods. The legitimacy of an increased role and voice for developing countries must find expression in an increased permanent representation on the Council. We trust that deliberations on this matter will proceed within the established framework of General Assembly mechanisms, with the involvement of all Member States and with continued transparency. The threat to international peace and security posed by the abundance of weapons of mass destruction as well as conventional arms has not diminished. Progress on nuclear disarmament can take place only if the legitimate security concerns of all countries are addressed and if there is a firm commitment to the eventual elimination of all such weapons. Equal attention, we believe, must be given also to the regulation of global trade in conventional weapons and small arms. Terrorism continues to jeopardize and undermine human rights, fundamental freedoms and security in a growing number of countries and situations. There is an urgent need to accord greater priority to the elaboration of a comprehensive convention on international terrorism. The global community must enhance cooperation to prevent, combat and eliminate this scourge. Globalization offers unprecedented opportunities for sustained economic development. Paradoxically, the rapid processes of change and adjustment have been accompanied by intensified poverty, unemployment and social disorientation. Fears that current patterns of market-driven globalization may even give rise to further marginalization of developing countries are not altogether unfounded. All these clearly indicate that there is an acute need for balance in order to forge a middle path for the process of globalization. My country welcomes the decision taken at the Cologne Summit in June 1999 by the G-8 aimed at alleviating some of the debt burden of the heavily indebted poor countries. We are hopeful that the effective implementation of this decision will go a long way in supporting national efforts to reduce the debt burden of these countries to more serviceable levels and open for them the opportunities for real and sustained economic growth. While we commend our development partners that have reached or surpassed agreed official development assistance targets, we regret that with a few exceptions, the long-standing commitment to United Nations targets for official development assistance remains largely an unfulfilled goal. In this regard, Bhutan joins other developing countries in underlining the importance of the convening of a high-level conference on the financing of development within the framework of the United Nations. Bhutan recognizes that all parties must exert equal efforts in order to foster a successful development partnership, but it is increasingly concerned by the growing marginalization of least developed countries in global trade, whose share remains below 0.4 per cent. While the least developed countries have taken steps towards economic liberalization and institutional reform, their smooth integration into the global economy must be facilitated through preferential access to markets and assistance for institutional capacity-building and infrastructure development. In this regard, we are heartened by the general sensitivity and responsiveness shown by the World Trade Organization. As a founding member of the South Asian Association for Regional Cooperation (SAARC) family, Bhutan is committed to further strengthening cooperation in South Asia, where infinitely vast resources and potentials remain locked and unrealized. We have made progress in fostering cooperation, particularly in the social fields, and in strengthening cooperation in the core economic areas. Of special significance is our commitment to establish the necessary mechanisms to enable SAARC to move from a preferential trade arrangement to a free trade arrangement within a reasonable period of time. One of the overriding responsibilities of the United Nations is in the field of socio-economic development. Over the decades, the contributions of the various United Nations agencies have been remarkable, although these have sometimes been taken for granted. It is important that we recognize their contributions and provide them with the necessary resources to effectively continue their support to developing countries. 26 Bhutan has always pursued a people-centred development process. Our national development strategies have always aimed at enhancing gross national happiness rather than merely increasing gross national product. This concept calls not only for economic development in the conventional sense, but for enriching the lives of the people in a holistic way, through the preservation and promotion of our rich cultural heritage, through the protection and conservation of our fragile mountain ecosystem and through the strengthening and exercise of good governance. In pursuit of an equitable balance between material and spiritual development, the Government has consistently allocated a large share of resources over the last four decades for social services. Almost 30 per cent of the present national budget is allocated to the provision of free basic education and primary health care. To these are attributable a substantial jump in our literacy rate — and the advance in enrolment rate — and an increase in life expectancy for the average Bhutanese by 20 years in two decades. We have realized that balanced development is not always the easiest route to take. It entails considerable contemplation, a cautious approach and a deliberate choice of a measured path. It requires patience, restraint and; indeed, courage: patience to persevere over many years in order to reap long-term benefits, restraint and self-control to refrain from fleeting compulsions and courage to sacrifice immediate gains in favour of long- term sustainable development. I would like to seize this opportunity to thank the many worthy members of this Assembly and the various United Nations and other multilateral agencies for their inspiration, cooperation and meaningful support in my country's endeavour to ensure progress and sustained gross national happiness.