A/RES/53/170 Page 2 Emphasizing that a favourable and conducive international economic and financial environment and a positive investment climate are necessary for the economic growth of the world economy, including the creation of employment, in particular for the growth and development of developing countries, and emphasizing also that each country is responsible for its own economic policies for sustainable development, Taking note of the report of the Trade and Development Board on its forty-fifth session,3 Noting that the second Ministerial Conference of the World Trade Organization was held at Geneva from 18 to 20 May 1998, 1. Recognizes the importance of the expansion of international trade as an engine of growth and development and, in this context, the need for expeditious and complete integration of developing countries and countries with economies in transition into the international trading system, in full cognizance of the opportunities and challenges of globalization and liberalization and taking into account the circumstances of individual countries, in particular the trade interests and development needs of developing countries; 2. Renews its commitment to uphold and strengthen an open, rule-based, equitable, secure, nondiscriminatory, transparent and predictable multilateral trade system, which contributes to the economic and social advancement of all countries and peoples by promoting the liberalization and expansion of trade, employment and stability and by providing a framework for the conduct of international trade relations; 3. Deplores any attempt to bypass or undermine multilaterally agreed procedures on the conduct of international trade by unilateral actions inconsistent with the multilateral trade rules and regulations, including those agreed upon in the Uruguay Round of multilateral trade negotiations; 4. Reaffirms the role of the United Nations Conference on Trade and Development as the focal point within the United Nations for the integrated treatment of development and related issues in the areas of trade, finance, technology, investment and sustainable development; 5. Requests the United Nations Conference on Trade and Development to continue, on the basis of the outcome of its ninth session, to identify and analyse the implications for development of issues relevant to investment, taking into account the interests of developing countries and bearing in mind the work undertaken by other organizations; 6. Notes with appreciation the initiative of the Secretary-General of the United Nations Conference on Trade and Development to invite the executive secretaries of the United Nations regional commissions to participate in the discussions of the Trade and Development Board, and encourages the continuation of such a practice in the future; 7. Notes the increasing importance and application of electronic commerce in international trade, and in this context welcomes the summit of the United Nations Conference on Trade and Development 3 A/53/15 (Part IV). For the final text, see Official Records of the General Assembly, Fifty-third Session, Supplement No. 15. /...