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"The fewer restrictions and limitations there are, the greater the opportunities for economic growth," he added.

According to the Estonian foreign minister, the development and use of innovative solutions and technologies is important. "Various e-solutions and information technology solutions help economic growth in general," said Paet. "Estonia is prepared to share its e-state and information technology experiences with any countries in Latin America that are interested," he added.

According to Paet, as a new member of the UN Human Rights Council, Estonia considers co-operation with Latin American and Caribbean countries in the name of improving the human rights situation in the world to be important.

Equally important are joint activities with countries from the region that are also UN Human Rights Council members at the moment, like Brazil.

"Estonia's priorities – gender equality and the promotion of women's rights – are important for the development of all countries," he noted.

The goal of the European Union, Latin American and Caribbean summit is to intensify relations between the two regions and create more co-operation in the investment, sustainable development, economic growth, security, and living environment sectors.

As a result of the summit, the heads of state and government of the European Union, Latin American and Caribbean countries signed the Santiago declaration, which sets the direction for further strategic partnerships and provides an action plan.

Summits of the European Union and Latin American and Caribbean countries have been held every two years since 1999.