The participants in the High Level Ministerial Meeting on Economic Affairs, meeting in the city of Madrid, on September 11, 2012, within the framework of the Ministerial Meetings that precede the Ibero-American Summit of Heads of State and Government that will will be held in Cádiz, on November 16 and 17, 2012,


  1. That the current crisis is affecting global economic activity despite the significant efforts that some European countries are making to achieve economic and financial stability.
  2. That the solid growth of Latin America, the result of years of applying consistent policies, requires continuing to carry out all the actions that contribute to reducing the risks associated with the international crisis, as well as meeting the challenges of long-term sustainable economic growth and decrease in inequality.
  3. That in a globalized world, where relations of interdependence are increasing, the responses to a crisis that is becoming generalized must be global, participatory and coordinated, which will allow us to get out of it faster and will result in greater benefits for all.
  4. That the ties and experiences that unite us in the Ibero-American Community should facilitate the design and application of joint responses, considering the circumstances of each country, to strengthen the economies on both sides of the Atlantic: Latin America is important for the Iberian Peninsula and the Iberian Peninsula is important for Latin America.
  5. That sound, prudent and inclusive growth-oriented macroeconomic policies are a necessary instrument to avoid and to get out of crises. These policies require the support of measures that allow us to improve the response capacity and competitiveness of our economies. This set of policies should guide the actions of public authorities to achieve long-term sustainable inclusive growth that fosters the creation of decent employment and the development of our countries.
  6. That the International Financial Institutions have recognized the important role that the application of macro-prudential measures and of support to economic activity can have.
  7. That it is convenient to combine the application of macroeconomic stabilization measures with a trajectory of economic growth and the continuity of the execution of programs in the social, institutional, environmental, and economic and social infrastructure areas.
  8. That adequate interaction between the public and private sectors is essential to promote the efficient allocation of resources, sustained economic growth, and the creation of decent employment. Such interaction should allow the investment to be designed, financed, executed and promoted under an appropriate regulatory framework.
  9. That the positive role of international trade and investment in growth and development must be recognized and promoted. The expansion and diversification of trade and investment flows, both through regional integration agreements and through the conclusion of multilateral negotiations within the World Trade Organization (WTO), in accordance with the Mandate of the Doha Round , are objectives of the entire international community.
  10. That foreign investment is an important catalyst for the transfer of technology and knowledge, with a multiplier effect on the economy of the recipient country, through the improvement of the productivity of the economy and of companies, thus increasing its installed capacity and your competitiveness. It is desirable to have a stable legal framework that promotes investments and the fulfillment of existing reciprocal commitments with respect to national laws.
  11. That intraregional economic integration is an essential objective of economic policy and an instrument to promote economic and social development. In this context, the improvement of regional transport, water and energy infrastructures are a key element for achieving this objective, as well as investment in education, health and housing.
  12. That the reduction of poverty and inequality, within and between nations, must be at the center of our concerns. We understand that economic growth is a necessary but not sufficient condition for achieving this end, which is why it is desirable to make efforts to guarantee equal opportunities, an equitable distribution of wealth, as well as establish and strengthen social protection networks.
  13. That we are aware that economic growth may come into contradiction with the living conditions of future generations and therefore we must continue to incorporate the concept of sustainable development in its three economic, social and environmental dimensions into Ibero-American economic strategies.


  1. Promote the coordination of national policies as well as joint action in forums with the presence of Ibero-American countries and reinforce the multilateral role of Ibero-American nations in International Financial Institutions, in the WTO and others, to deepen the economic integration of our countries.
  2. Apply policies in accordance with national circumstances that make it possible to face the risks of the current economic environment in the best conditions and achieve inclusive growth, with decent job creation and poverty eradication.
  3. Request the International Financial Institutions to have a set of instruments that allow, mainly to the countries with the lowest income, to respond to eventual exogenous, economic or other shocks, so that the execution of long-term sustainable development programs do not be interrupted as a consequence of them and continue promoting the reform of these Institutions in order to reinforce their effectiveness, governance and legitimacy, recognizing the relative weight of the countries in the global economy and the representativeness of the countries with the lowest income.
  4. Promote international cooperation and the execution of measures that promote sustainable economic and social development, and that allow reducing poverty, the equitable distribution of income, the improvement of infrastructures and the diversification of the productive structure to reduce dependence on some few sectors and, in this way, increase the strength of our economies and offer greater opportunities to our citizens.
  5. Maintain a stable and solid institutional environment, both nationally and internationally, as a fundamental element to guarantee sustainable growth and development of our peoples.
  6. Promote measures that promote fair international trade and promote the internationalization of small and medium-sized enterprises. In particular, we commit ourselves to make the necessary efforts to advance the conclusion of the Doha Round, in accordance with its mandate, and to ensure that the trade, association and development agreements signed between the countries of Latin America and the European Union. enter into force as soon as possible and to conclude pending negotiations.
  7. Guarantee a legal framework with objective, clear and predictable rules that ensure reciprocal compliance with national legislation and the principles of competition, transparency and equal treatment, taking into account development needs. All this, with the aim of promoting national and foreign productive investment, in accordance with current legislation, including an adequate allocation of resources, the desirable complementarity and access to capital and the latest technologies that our companies require.
  8. Promote economic, productive and physical integration between our countries in order to revalue regional and subregional markets and develop the competitiveness of our economies.
  9. Promote cooperation and collaboration to guarantee the efficiency of social safety nets and the execution of programs that promote the education and training of entrepreneurs, equal opportunities and social inclusion.
  10. In order to facilitate business cooperation between Ibero-American companies and improve their competitiveness, the activities of the Chambers and Associations of Commerce and Industry and of other entities that arise for these purposes are encouraged.
  11. Strengthen cooperation and collaboration between Ibero-American institutions for the defense of competition and the fight against abuse of a dominant position, and reinforce the commitment with the Ibero-American Forum for the Defense of Competition as a center for debate and reflection on competition, encouraging those countries that They are not yet part of the Forum to join this initiative.
  12. Request the Ibero-American General Secretariat to submit the present Declaration of Madrid to the consideration of the XXII Ibero-American Summit of Heads of State and Government of Cádiz.

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