26 July 1991

32nd plenary meeting

Permanent sovereignty over natural resources

The Economic and Social Council,

Recalling the Declaration on International Economic Cooperation, in particular the Revitalization of Economic Growth and Development of the Developing Countries, and the International Development Strategy for the Fourth United Nations Development Decade,

Recalling also its resolutions 1987/12 of 26 May 1987 and 1989/10 of 22 May 1989,

Reaffirming that all countries, in particular developing countries, have the inherent and sovereign right to determine freely the use of their natural resources,

Stressing the importance for all countries, in particular the developing countries, to make the optimum use of their natural resources in order to strengthen and promote their economic and social development,

Concerned about the present international economic situation, in particular its impact on developing countries,

1. Takes note of the report of the Secretary-General on permanent sovereignty over natural resources;

2. Reaffirms the importance of the principle of permanent sovereignty over natural resources;

3. Encourages the Department of Technical Cooperation for Development of the Secretariat to continue to play an active role in providing advisory services to Governments, at their request, to support them in exercising their inalienable right of permanent sovereignty over their natural resources, inter alia, in exploring for, developing and managing their natural resources, as well as advisory services for policy and planning, legislation and taxation, contract negotiation and contract auditing and management, and investment promotion and financing, and encourages the Department to continue to organize seminars that bring together experts and representatives of international companies and developing countries;

4. Takes note of the activities of the United Nations Centre on Transnational Corporations, which is the focal point for matters related to transnational corporations and which is concerned with the whole range of issues that arise in dealing with relations between host countries and transnational corporations in various sectors, and encourages the Centre to continue to provide information and analyses to Governments, at their request, aimed at strengthening their capabilities, based on the principle of permanent sovereignty over natural resources;

5. Requests the Secretary-General to submit to the Committee on Natural Resources at its thirteenth session a concise, updated report on permanent sovereignty over natural resources.