text: the Commission as to the outstandi "ng issues. While some of the formulations could be refined or improved upon, the essential format of the provisions on the outstanding issues was considered feasible. If there was any impediment to the conclusion of the code, it derived from the lack of political commitment of the negotiating parties to the code and not the technical defects of the formulations. Conversely, flawless drafting could not by itself assure finalizatiou of the code if the political will of the member countries was non-existent. A.s to the specific outstanding issues, the general sense of the symposium was as follows: l. ThfL.guestion of a reference to international law/inte.r.rutti9-n.al obligatio.ns. The importance of stipulating a reference to "international law" or. "international obligations" in the code was underscored, although it wc1s recognized that such a provision need not elaborate the substantive content of such law. After reviewing the debate on the doctrinal implications of refening to international law or international obligations, it was pointed out that for the purposes of the code, the distinction between international law and international obligations was not essential. That was because obligations of States with respect to foreign investment did not merely include obligations founded on conventional law but also obligations derived from'customary international law. On the other hand, a State's obligations u·nder international law musl necessarily encompass its conventional as well as its customary legal obligations. The discussion on the issue revolved around the text of paragraph 49 of the Chairman's draft, viz.: "In all matters relating to the code, States shall fulfil, in goocl faith, their international obligations, including general) y recognized aml accepted international legal rules and principles." It was suggested that the words "and accepted" in the context of that provision departed from the established phraseology in connection with the validity 
analysis: The text appears to be discussing the development of a code related to foreign investment, with a focus on the outstanding issues and the importance of referring to international law and obligations. The language used suggests a legal or regulatory context, and the topic is not specific to a particular sector or industry. However, the discussion of international obligations and international law implies an international dimension, which may be relevant to international trade or economic development.