The first Summit of Latin America and the Caribbean on Integration and Development (SLAC) concluded on Wednesday in Sauipe Coast, a famous seaside resort in northeastern Brazil.

In his farewell speech, Brazilian President Luiz Inacio Lula daSilva said he sees the current international financial crisis as an "opportunity to rethink the kind of economy we want."

Lula evaluated all economic models that appeared invincible, and underlined that at this time, instead of applying economic adjustments, it is important that countries invest in sectors that generate employment.

He also called for reforms on international financial institutions like the International Monetary Fund (IMF) and World Bank.

"We need to ask these institutions, ask the United Nations, to take correct measures to tackle the financial crisis," he added.

In the Declaration of Salvador adopted after the summit, leaders from 33 countries of the region call for dialogue, interaction and synergy between the existing regional and subregional mechanisms to promote integration in Latin America and the Caribbean.

The aim of this decision is "to deepen integration and accelerate development through the articulation of joint and complementary projects," says the Declaration.

According to the document, leaders of the region also highlighted the progress in the various mechanisms of integration and its importance to the promotion of democracy, social justice, poverty eradication, combating illiteracy, enriching culture, technological development and growth of economies of their countries.

They renewed their commitment to the consolidation of democratic institutions in their countries, to ensure the full enjoyment of all human rights and fundamental freedoms, broad and active participation in affairs of common interest, and the fair and equitable sharing of benefits generated by the development.

They also decided to promote the coordination and convergence of their actions, through the exchange of experiences, and to identify areas of cooperation between the various mechanisms of integration, based on the principles of solidarity, flexibility, plurality, diversity, complementarity of actions and voluntary participation.

In addition, they expressed great concern over the current financial crisis, pointing out that developed countries were the cause of the crisis and therefore must assume the costs of its solution.

The SLAC brought together for the first time in Latin America's history 33 heads of state and government and delegates from South America, Central America and the Caribbean, without the presence of the United States or European countries.

(Xinhua News Agency December 18, 2008)