A/RES/53/10 Page 2 Taking into account the final document of the eighth session of the Islamic Summit Conference, held in Tehran,2 which noted with grave concern that the extraterritorial application of domestic laws was having a negative impact on foreign investment in other States and rejected all coercive measures aimed at member States seeking to broaden the scope of their economic cooperation and trade, Deeply concerned that Member States are continuing to apply extraterritorial coercive economic laws in violation of the norms of international law and the purposes and principles of the United Nations, Believing that the prompt elimination of such measures would be consistent with the purposes and principles embodied in the Charter of the United Nations and the relevant rules of the World Trade Organization, Recalling its resolution 51/22 of 27 November 1996, 1. Takes note of the report of the Secretary-General on the implementation of resolution 51/22;3 2. Reaffirms the inalienable right of every State to economic and social development and to choose the political, economic and social system that it deems to be most appropriate for the welfare of its people, in accordance with its national plans and policies; 3. Expresses its deep concern at the negative impact of unilaterally imposed extraterritorial coercive economic measures on trade and financial and economic cooperation, including at the regional level, as well as the serious obstacles posed to the freedom of trade and the free flow of capital at the regional and international levels; 4. Reiterates its call for the repeal of unilateral extraterritorial laws that impose sanctions on corporations and nationals of other States; 5. Again calls upon all States not to recognize or apply extraterritorial coercive economic measures or legislative enactments unilaterally imposed by any State; 6. Requests the Secretary-General to submit to the General Assembly at its fifty-fifth session a report on the implementation of the present resolution; 7. Decides to include in the provisional agenda of its fifty-fifth session the item entitled "Elimination of coercive economic measures as a means of political and economic compulsion". 43rd plenary meeting 26 October 1998 2 A/53/72-S/1998/156; see Official Records of the Security Council, Fifty-third Year, Supplement for January, February and March 1998, document S/1998/156. 3 A/52/343 and Add.1 and 2.