SPECIAL SUMMIT OF THE AMERICAS.

Economic Growth with Equity to Reduce Poverty

When, where and who:

The Special Summit of the Americas was held in Monterrey, Mexico on January 12-13, 2004 bringing together the democratically elected Heads of State and Government of the members countries of the Organization of American States (OAS).

Purpose:

The goal of the Special Summit was to facilitate hemispheric cooperation at the highest level of government in order to address current economic, social and political challenges in the region. Approximately one third of Heads of State and Government in the Hemisphere have assumed office since the Third Summit of the Americas held in Quebec City in April 2001. The agenda of the Special Summit focused on three issues:

centrada en tres temas:

Ø Economic Growth with Equity to Reduce Poverty

Ø Social Development

Ø Democratic Governance

Commitments Economic Growth with Equity to Reduce Poverty

1. Macroeconomic Policies:

- Maintain prudent and appropriate debt management.

- Diversification of the economy and improvement of competitiveness.

- Improve the investment climate and promote corporate social responsibility.

2. Commitment to the Monterrey Consensus:

- Mobilize resources for sustainable economic development and to combat poverty and hunger.

- Identify secure sources of financing to meet the needs of developing countries.

3. Support micro, small, and medium-sized enterprises

- Promote policies and programs to facilitate their consolidation and incorporation into the formal sector

- Promote investment in and training of human resources

- Facilitate access to credit, business development services and new technologies.

- Reduce the time and cost of establishing businesses in each country in the region.

- Request that the IDB triple its lending through the banking system to micro, small and medium-sized enterprises but the year 2007.

4. Trade:

- Advance the Doha Agenda

- Provide better access to markets

- Eliminate export subsidies

- Substantially reduce trade-distorting domestic support.

- Support advances made in FTAA negotiations.

5. Reform the International Financial Architecture

- Prevention and rapid resolution of financial crises.

- Better coordination among international and regional financial institutions to achieve measurable results in their effort to eradicate poverty.

- Eradicate poverty through more effective use of development financing sources

- Call on Creditors to participate in debt relief to benefit eligible countries in the context of the

- Enhanced Heavily-Indebted Poor Countries Initiative.

6. Property Rights

- Strengthen property rights and expand the use of property as collateral.

- Ensure that property rights benefit all persons.

7. Remittances

Reduce by at least half the regional average cost of remittances no later than 2008 by establishing the necessary conditio