ECLAC urges Caribbean to strengthen institutions to aid development

CARACAS, Venezuela, CMC - The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) is urging regional countries to review and strengthen their institutions and instruments in order to maximize the contribution of natural resources to regional development, particularly in the current cycle of high prices. ECLAC has submitted a report to the “Conference of the Union of South American Nations on Natural Resources and Integral Development in the Region” that analyses the issue of natural resource governance in the region. According to ECLAC, the governance refers to the set of sovereign policies over ownership and allotment of natural resources and the distribution of productivity gains arising from their exploitation.