The global financial crisis will top the agenda of the 5th Summit of the Americas to be held this weekend in Trinidad and Tobago.
Presidents and chiefs of government from 34 countries in the Americas, including U.S. President Barack Obama, will discuss the current challenges amid the worst economic recession since the 1930s.
Despite all the anti-crisis measures, huge risks remain in the region as unemployment and poverty continue to rise and sustained growth in the past six years has been interrupted.
"We are living in a difficult era when the consensus, agreements, discussion and changes of course are necessary. They must be part of our debate," said Jose Miguel Insulza, general secretary of the Organization of American States (OAS) .
The participation of the Argentine, Brazilian, Mexican, U.S. and Canadian presidents in the recent G20 summit was "very positive," said Insulza, noting that the outcome of the Summit of the Americas should be valid in the global context.
Insulza also said the G20 countries must recognize that strengthened supervision of the market and the financial system is not as an option, but something necessary.
Meanwhile, leaders of the Americas will review the measures taken by the G20 and possibly push for further actions to tackle the crisis.
The G20 agreed in its London meeting in early April to inject one trillion U.S. dollars into the world economy and to support the poorest countries.
It is expected that during the Summit of the Americas, the countries will demand more resources to lighten the crisis and will stress the need for United States and Europe to scrap protectionist measures and further facilitate trade and investment.
During the upcoming summit, the leaders may also agree to strengthen the role of the Inter-American Development Bank (IDB) in boosting infrastructure construction and social projects against the impact of the crisis in the region.
Meanwhile, social issues are highlighted during the summit.
Under the theme "Guaranteeing our future by promoting human prosperity, energy safety and sustainable development of the environment," the summit aims to reach a consensus to improve the life quality for the 800 million inhabitants in the region.
The summit will seek specific consensus to expand investment on health, education, clean energy and sustainable development, which are key issues for many Caribbean and Central American countries, analysts say.
The leaders are also likely to discuss the fight against youth crimes which are escalating in Central America and many U.S. cities.
The first Summit of the Americas was held in 1994 in the U.S. city of Miami under the initiative of former U.S. President Bill Clinton to boost the Americas integration through free trade and investment.
However, at the 4th meeting, held in Mar del Plata, Argentina, many of the leaders refused to sign the Free Trade Area of the Americas (ALCA) agreement.
Brazil, Argentina, Venezuela, Uruguay and Paraguay as well as most of the Caribbean states held the view that the U.S. wanted to consolidate "free trade for one, but not for all."
The previous calls for a free trade bloc actually caused more division in the region over the past 15 years, critics say.
Source: Xinhua
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