As host to APEC this year, Malaysia feels a strong sense of responsibility that the meeting should help tackle the current economic problems. As we approach a new millennium, it is imperative that we devise and put in place a better economic and financial regime now referred to as architecture for the world. Some of these will be the result of technological progress but others will reflect the emergence of new commercial and sociological ideas and values. With your indulgence, I would like to take this opportunity to discuss the present architecture or lack of it as manifested by the anarchical and unregulated capital flows in the international monetary system. In doing so we must not be tied down by fanatical beliefs which act as mental blocks to our recognition of the facts involved.

The present report is submitted pur-suant to paragraph 13 of Security Council resolution 1213 (1998) of 3 December 1998, in which the Council, inter alia, requested me to submit a report no laterthan 15 January 1999 regarding the statusof the peace process, the future role andmandate of the United Nations in Angolaand the force structure of the United Nations Observer Mission in Angola(MONUA) in the light of its ability tocarry out its mandated tasks.

Let me give you a brief overview of the schedule and just briefly on the security part. You’ve all already heard from Ken Lieberthal earlier, so I won’t spend a lot of time on the specifics.

It gives me great pleasure to convey my warmest greetings to all who have gathered from around the world to continue this historic process. I would like first to express my gratitude to President Carlos Menem and the people of Argentina for hosting this Conference, which demonstrates yet again their abiding commitment to the United Nations and to human well-being in general. I would also like to salute all the other Heads of State or Government, distinguished delegates, colleagues from the United Nations system and other participants for coming together, in a spirit of partnership, to continue this vital work, which means so much to the world's people.

Mr. Chairman and members of the committee, today's hearing marks the first time that I have had the honor to present to Congress the Annual Country Reports on Human Rights Practices. I submit these 1998 reports proudly, in accordance with a prime statutory responsibility given by the Foreign Assistance Act to the State Department's Bureau of Democracy, Human Rights and Labor, which I have headed since November. In 1977, shortly before these reports were first issued, President Carter gave their rationale in his inaugural address: “Because we are free,” he said, “we can never be indifferent to the fate of freedom elsewhere.”

We are now just a few days away from 1999, which will mark NATO's 50th anniversary year. We are also just a few months away from a historic NATO Summit in Washington.