logo CELAC The Heads of State and Government of the Latin America and the Caribbean States gathered in Costa Rica, on the occasion of the Third Summit of the Community of Latin American and Caribbean States (CELAC), on 28 and 29 January 2015;

Recognizing that the numerous social, humanitarian, financial and environmental crisis that humanity has overtaken in the last decade, constitute a challenge to the international community which requires a restructuring of the financial system and international cooperation under a spirit of partnership, cooperation and global solidarity as never before, developing countries are called to promote proposals and initiatives at the multilateral level that contribute to deal together with these multiple challenges;

Emphasizing that the role of the financial system for development and the international cooperation agenda must be accompanied by a comprehensive and pluralistic vision of development and its dimensions in which the final overcoming the causes of exclusion leads to well-being and good living of the peoples of CELAC member countries;

Reiterating the concern about the lack of compliance with the commitment, by developed countries, to allocate 0.7 % of its Gross National Product to Official Development Assistance (ODA); coupled with the significant reduction of flows available to international cooperation and the establishment of new sectorial priorities for its allocation;

Reiterating the historic importance and the rescue of the spirit of Resolutions 3201 and 3202 of the United Nations General Assembly that contain the Declaration and Plan of Action on the “Establishment of a New International Economic Order”, adopted at the VI Special Session, held on May 1st, 1974;

Reaffirming, that after 40 years of this global agreement, we are still pending to achieve their main commitment to build a new international inclusive, democratic and fair order, in which international cooperation for development constitute a shared goal and common duty of all countries and that the political, economic and social well-being of present and future generations depends more than ever on cooperation between all members of the international community on the basis of the elimination of the imbalance between developed and developing countries and the respect of the principles of the UN Charter and International Law, inter alia, the sovereign equality;

Highlighting in this matter the importance of the Monterrey Consensus on financing for development approved in the International Conference for financing for Development, held in Monterrey in 2002, that contributes to update and to confront in a pragmatic fashion some of the fundamental topics related to the international financial architecture and the construction of an just and equal world financial order;

Taking note that Resolution 68/304 of the United Nations General Assembly which emphasizes that debt sustainability and its efficient management is essential to support the growth and achieve sustainable development in our countries, and recognizes that the sovereign debt crises tend to be expensive and disruptive, particularly for employment and productive investment, and tend to be followed by cuts in public spending that particularly affects our poor and vulnerable citizens;

Taking note of the G-77 Santa Cruz Declaration “For a new World Order to Live Well”;

We agree:

1. Call upon the international community to highlight the importance that all actors involved in the dynamics of finance and development cooperation, honor the commitments made on this matter in various summits, forums and high-level meetings.

2. Contribute through a dynamic and unified participation of CELAC countries to have a successful dialogue on cooperation and financing for sustainable development as a fundamental part of the elaboration process of the new Post 2015 Development Agenda, on the basis of a coherent approach that integrates the economic, social and environmental dimensions, so that the dialogue incorporates, as a priority, the provision of new, additional and predictable resources, from developed to developing countries and the effective fulfillment of the previous commitments on Official Development Assistance, including the allocating of 0.7% of GNP for ODA, the principles of effective cooperation, and the strengthening of South-South and triangular cooperation.

3. Join efforts as CELAC member countries in the negotiations for the establishment of effective coordination between the preparatory process for the Third International Conference on Financing for Development to be held in July 2015, and the elaboration process of the Post 2015 Development Agenda, as well as the preparations for its adoption at the Summit to be held in September 2015.

4. Work together in this Conference, to assess progress in the implementation of the Monterrey Consensus and the Doha Declaration, as well as to identify the obstacles and structural constraints derived from the international economic, commercial and financial system, and the level of compliance of commitments, by developed countries, to advance in the agreements to be reached in the Post 2015 Development Agenda, including the achievement of sustainable development objectives, as well as to achieve the establishment of a transparent and effective follow-up process in order to achieve more and better results.

5. Work together in the Conference in order to ensure a substantive outcome in Addis Ababa that gives a solid scheme of means of implementation to effectively support the new development agenda and to identify concrete results to be obtained in order to raise the political relevance of the Conference.

6. In this sense, we welcome the decision by the Government of Chile and ECLAC to host and organize the regional preparatory meeting on Financing for Development to be held on March 12th and 13th, 2015, at ECLAC´s headquarters in Santiago, Chile, and commit to identify regional priorities for it possible validation and presentation in the process of debate and negotiation of the Third Conference on Financing for Development.

7. Promote the consolidation and coordination of the different processes being held in multiple multilateral forums and the need to work on reforming the international financial system, and the strengthening of the regional financial architecture, especially regarding the mandate, scope, regulation, transparency, representation and participation of developing countries in the decision making process, governance, responsiveness and development orientation, and encourage to keep celebrating an open, inclusive and transparent dialogue on this subject, that contributes to the achievement of these goals.

8. Commit to work in an inclusive, strengthened and more effective intergovernmental process to follow up the financing for development, taking advantage of the expertise and best practices on the subject in order to benefit from the progress made, examine obstacles and propose recommendations and corrective measures, and supervise the impact of certain international trends and international financial policies that are systematically important to prevent the propagation of economic and financial crisis among countries.

9. Actively promote in the agenda of international cooperation, the review of the criteria for allocation of ODA, pleading to take under consideration other indicators, beyond income per capita.

10. Urge the CELAC Working Group on International Cooperation to advance in their work to promote South-South Cooperation, noting that it provides a broad framework for collaboration among countries, as an expression of solidarity between the people and with a great potential to contribute to its progress, well-being and the achievement of their development priorities and thus to complement traditional forms of international cooperation and the agreements to be reached in the Post-2015 Development Agenda.

11. Work together to articulate the regional financial organizations and implementation to promote sustainable development within the international development agenda, in order to facilitate the fight against extreme poverty and inequality, promote progress, well–being and good living standards in member countries. Besides, to asses new innovative and inclusive financing mechanisms and instruments towards of the international financial system, taking into account the agreements reached in Caracas and Havana Action Plans, and the Quito Declaration on the Second Meeting of CELAC´s Ministers of Finance.

12. Join efforts, as CELAC member countries, so that at the Third International Conference on Financing for Development launches a new era of intergovernmental cooperation not only in terms of funding and technical assistance for development, but also in the decision making and setting of international standards for the transfer, technological dissemination, and also correct the shortcomings of the current international system, in order to create a favorable international environment with fair rules that support national efforts.

Belén, Costa Rica, January 29th, 2015

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