Venezuela prompted EU to change summit declaration

[Judi Lynn]

Venezuela prompted EU to change summit declaration

LUIS ANDRES HENAO, Associated Press, By LUIS ANDRES HENAO and MICHAEL WARREN, Associated Press | January 26, 2013 | Updated: January 26, 2013 7:45pm

SANTIAGO, Chile (AP) — Oil-rich Venezuela scored a victory Saturday when it persuaded European delegates at a 60-nation summit to back down on a key point in the gathering's final document, dropping a phrase that would have committed leaders to base their economic regulations on "international commitments and obligations."

European and Latin American leaders at the summit also agreed in the document to reduce trade barriers and risks for foreign investment, push for stronger limits on greenhouse gases and support a United Nations effort to re-think the war on drugs.

In dropping the phrasing that Venezuela objected to, the Europeans agreed to the South American country's language emphasizing that each nation is free to regulate foreign investment according to its own economic and social development policies. The debate resolved one of the final hurdles to a document being prepared for the signatures of presidents and prime ministers on Sunday.

"We emphasize the importance of working together to promote investments that support sustainable and sound use of natural resources, environmental care, and economic and social development, and to maintain a favorable investment climate, with legal certainty and respect of national and international law," the revised clause now says.

More:
http://www.chron.com/news/world/article/Venezuela-prompted-EU-to-change-summit-declaration-4225716.php

[reteachinwi]

1. The "empire of capital"(Evo Morales)

is reluctant to share resources with indigenous peoples. Perhaps they are seeing a need to adjust their "pillage as certainty" business model.
http://www.reuters.com/article/2010/03/16/venezuela-shell-investment-idUSLDE62F1XZ20100316