Peru has no doubt that multilateralism is the best instrument for confronting global challenges, as well as for guaranteeing peace and international security. For that reason, the United Nations is indispensable. All Member States must have the conviction to strengthen it, to contribute to its institutional regeneration and to reform it. With a reformed United Nations, we will continue our struggle against poverty; we will maintain the world development agenda; we will assure democracy; and we will fight decisively against drug trafficking and international terrorism. The terrorist attacks taking place in different areas of the world and the threats to peace in several regions create an international climate of instability and insecurity that calls for urgent solutions. Terrorism conspires against the democracies of the world. Terrorism conspires against the health of the world economy. Terrorism contributes to making the poor even poorer. Peru strongly condemns the terrorist attack on the United Nations headquarters in Baghdad and wishes to pay sincere tribute to all the victims, in particular to Sergio Vieira de Mello, Special Representative of the Secretary-General. We cannot accept terrorism as a political tool. In our case, the 20 years of violence bequeathed by the Sendero Luminoso is a hard lesson to cope with. According to the final report of the Truth and Reconciliation Commission, recently submitted to my Government, thousands of lives were lost and more than $30 billion in losses were reported. This report is 13 the result of a resolute political decision of our Government to make sure that Peru never again has to face irrational acts of terror. Truth must also be a means to prevent impunity and to lead us to reconciliation with justice. My Government is firmly struggling against impunity. That is why we consider that the fugitives who fled Peru when the corrupt regime of the past decade was overthrown should answer to justice for the gravity of the crimes they committed. We will insure these people a fair trial and all the guarantees of due process, within the framework of the Inter-American Convention on Human Rights and Peruvian law. That is why we hope that our requests for extradition will be taken into account. Democratic States have the responsibility to avoid impunity. In this regard, the Peruvian State wishes in this Assembly to thank the 20 friendly countries that have announced their decision to detain anyone on the list of extraditables if they enter their territories. Poverty, social exclusion and fundamentalist ideologies are among the causes of the current crises. The hopes of our countries to be part of an inclusive globalization are not bearing fruit. Despite some achievements at the national level, there is a wide chasm to bridge if we are to build such an inclusive globalization. For example, in the case of Peru, despite an unfavourable international environment the economy grew by 5.2 per cent last year, one of the highest rates in Latin America. Inflation was below 1 per cent, international reserves rose to their highest level yet, and exports reached unprecedented figures. However, we must concede that all these indicators are not enough to make the common people feel the benefits of such macroeconomic achievements in their own pockets. Today, it is necessary for the global economy to reach an annual average growth of 7 to 8 per cent if we wish to reduce poverty and to create employment. If we in the developing world, particularly in Latin America, grow by 6 or 7 per cent, it will barely be enough to recover the per capita income of 1970. We have to achieve adequate growth as soon as possible. The poor cannot wait another 15 years for their economies to grow in a sustained manner that will reduce poverty. Democratic governance in Latin America is at risk. There is no doubt that there is a correlation between the health of the world economy, social inclusion and democratic governance. World leaders cannot close their eyes. There is no possible governance without a reduction of poverty. We must be creative and courageous in order to ensure that Wall Street's macroeconomic requirements meet the expectations of Main Street. Last year before this Assembly, I highlighted the need to defend democracy from market turbulence by creating innovative financial mechanisms. We said that the time had come to build a new global consensus to reaffirm democracy and re-evaluate development with social equity. Since then, Peru has been working on a series of initiatives in this regard. Last May, 19 democracies of Latin America and the Caribbean, members of the Rio Group over which I have the honour to preside approved a key document that we call the Cusco Consensus. This document comprises four Peruvian initiatives on innovative financial mechanisms that allow us to finance democratic governance in the region; to increase public investment in roads, hospitals and schools; to create jobs; and to supplement private investment. In relation to one of these proposals, last August, jointly with the President of Brazil, Luiz In·cio Lula da Silva, we decided to work together on the establishment of the South American Infrastructure Authority project, which will operate as a fiduciary agency to facilitate the financing of investment projects for the integration of South America. I am sure that that experience can be duplicated in other parts of the world. Likewise, we have signed a memorandum of understanding on physical and economic integration to set into motion three axes of development integration in Peru, Bolivia, Brazil and Ecuador on the road to South America's integration. Accordingly, Peru signed an agreement that will lead to the creation of a free trade zone with MERCOSUR. From this international forum, we would like reiterate that those efforts and achievements in the area of integration constitute decisive steps on the path towards building a South American community of nations. However, I wish to point out that, beyond the decisions that two or more countries of the subregion may take, it will be essential for the international community to commit itself to the initiatives emanating from an exercise in collective reflection. 14 Developing nations are concerned about the alarming increase in external vulnerabilities resulting from instability in financial flows and their impact on investment levels and economic growth in our region. Those countries also perceive the presence of protectionism in the area of trade, in particular on the part of certain industrialized nations. I would like to be frank in this connection: we ask developed countries not to demand that we open our markets while they protect their products with billions of dollars in subsidies every year, especially in the agricultural sector. Our countries can no longer withstand asymmetrical relations in the area of trade. The time has come to build a two-way business highway that is more transparent and predictable. We are being asked to open up our markets in the agricultural sector while there are still countries that are investing billions of dollars every day to subsidize their own products. Do not ask us to practice something that you do not practice yourselves. Our countries are aware of the fact that we have to be competitive, but we must build that two-way commercial highway. Peru is especially concerned about the negative results of the recently held ministerial conference of the World Trade Organization in Cancun, which, despite some progress, was unable to reach consensus. There is a continuing desire for multilateralism and free trade in Peru. We therefore trust that there will be a return to negotiation in the next few months so as to realize the goals set out at Doha, which placed development foursquare on the agenda of the WTO. We have an obligation to build a more just, secure and humane world. That is why today I ask the United Nations and our great friend of peace, Secretary- General Kofi Annan, to exercise their great authority and prestige to promote within the World Bank, the International Monetary Fund, the Inter-American Development Bank and the member countries of the Group of 8 a wide debate on the innovative financial mechanisms that will make it possible to finance democratic governance in the region; increase public investment in schools, hospitals and roads; generate jobs and promote private investment. That is the only way by which globalization can be inclusive, and by which governance can be strengthened. May God bless peace in the world.