Chapter 5 | Page 189 and mutual trade6 need to be based on dialogue and transparency,7 a duty to co-operate,8 and the principles of ‘sovereign equality, interdependence, mutual interest and cooperation’.9 These instruments reflect recognition that social development cannot be achieved without the collective commitment and effort of the international community and therefore constitute acknowledgement that international assistance and co-operation are a vital element in the achievement of these global goals.10 These principles also emphasise that such a ‘duty’ on the States to provide international assistance and co-operation ought to be commensurate with their capacities, resources and influence,11 and that such co-operation and assistance must address the requirements for harmonisation, transparency and coordination of the activities and shared accountability.12 These characteristics will not only make international assistance and co-operation more human rights-friendly, but also more effective in bringing about the desired developmental outcomes. From an economic perspective, the rationale for aid as a source of development finance has its foundations in the two-gap model of Chenery and Strout,13 which holds that low-income countries have low domestic savings for investment in growth and insufficient foreign exchange earnings for capital 6 United Nations General Assembly, Vienna Declaration and Programme of Action, UN Doc A/CONF.157/23 (12 July 1993), [4]. 7 Ibid. 8 United Nations General Assembly, Declaration on Principles of International Law concerning Friendly Relations and Co-operation among States in accordance with the Charter of the United Nations, A/8082, 2625 (XXV), UN Doc A/RES/25/2625 (24 October 1970). 9 United Nations General Assembly, Declaration on the Right to Development, 41/128, 41st sess, 97th plenary mtg, UN Doc A/RES/41/128 (4 December 1986). 10 Copenhagen Declaration on Social Development and Programme of Action of the World Summit for Social Development, above n 5, [25]. 11 Final draft of the guiding principles on extreme poverty and human rights, submitted by the Special Rapporteur on extreme poverty and human rights, Magdalena Sepúlveda Carmona, A/HRC/21/39, above n 1. 12 Ibid., [93]. 13 H B Chenery and A M Strout, 'Foreign Assistance and Economic Development' (1966) 56 American Economic Review 679-733.