text: same time, this may help to create conditions that may facilita-te the nsgotiation o$ agreements for the reduction of military budgets and the reallocation of the funds 0 thus saved for the purpose of economic and social development, particularly for the benefit of aeveloping countries. h F 141. The Panel wishes to underline thrs close relationship between building confidene among States and increased openness in matters of military expenditures by way of standardized reporting. Progress toward either of those two goals would have i positive effects on the other. I' / . . . -57- B. Recommendations 142. Considering the reports prepared by the successive groups of experts since 1974 (A/97'j'O/Rev.l, A/31/222/Rev.l and A/32/194 and Add.l), which have led to thc: elaboration of the reportinp instrument, and. in view of the results of thz test carried out by the Panel, the Panel recommends that steps should be taken by the General Assembly leading to the early implementation of the revised reporting instrument in a general and regular system for thp internatlonal reporting of military expenditures. 143. Such steps could include a specific cal1 for the reporting, by al1 States Members of the United Nations, of their military expenditures in accordance with the revised reporting instrumt?r,t on a gencral and regular basis. This reporting would entail the comments of States with a view to further refinement of the reporting instrument. These comments would be particularly valuable when coming from a widening set of countries beyond those that participated in tht+ practica1 test under report. Such expanded reporting would strengthen the basis for an international system for collecting, asscmbling and reporting military expenditure information. 144. Further steps should also be taken to ensure an increasing participation with a view to universal reporting by an ever-widening set of States. The importance of 
analysis: The text discusses the reduction of military budgets and the reallocation of funds for economic and social development, particularly for developing countries. It also emphasizes the importance of standardized reporting of military expenditures for building trust among states and increasing openness. The text suggests that the implementation of a revised reporting instrument could lead to a general and regular system for international reporting of military expenditures.