On October 29, 1998, British Prime Minister Blair and Argentine President Menem signed an Action Agenda Agreement to promote the further development of the relationship between the two countries. In the Action Agenda Agreement, Britain and Argentina reaffirmed their respective sovereign position on the Malvinas (the Falkland Islands), but said that the two sides would continue to follow the principles of active cooperation and mutual benefit in the British Prime Minister¡¯s office and work together to resolve all issues involving the Malvinas dispute. According to the agreement, Britain and Argentina will implement the United Nations Security Council, international peace and action, fighting drug trafficking and international terrorism and the peaceful use of nuclear energy. In order to promote the development of trade and economic cooperation, Blair and Menem also signed a Memorandum of Understanding on Promotion and Investment