A/HRC/8/WG.2/TF/2 page 21 take sufficiently into account national priorities of human development and poverty reduction, consistent with its human rights obligations and the need to maintain trust in the financing system.23 The importance of the issue is underscored by MDG Target 13,24 and Target 15.25 78. The task force is aware of the experience of the two phases of the HIPC initiative and the Multilateral Debt Relief Initiative (MDRI) and of other facilities dealing with debt relief. For its current Work Plan, it sees the advantage of combining its interest in this issue with its geographical expansion and taking up the experience of the IDB with debt relief. 3. Latin America and the Caribbean - Targets 12, 13 and 15 79. Regarding the regional expansion of the application of right to development criteria to global development partnerships, the task force has identified the following partnerships and institutions within Latin America and the Caribbean and hopes to begin a constructive dialogue moving on to future assessments. 80. The Inter-American Development Bank (IDB) is the oldest and largest regional bank and one of the main sources of multilateral financing for development in the Latin America and the Caribbean. The task force takes note of IDB’s work on debt, regional integration and human development, as well as on the environment. The Southern Cone Common Market (MERCOSUR) constitutes a regional trade agreement between Argentina, Brazil, Paraguay and Uruguay with potential new and associate members. Although a trade agreement, MERCOSUR also pursues a development agenda. The task force also takes note of the work being done with the Meeting of High Level Authorities on Human Rights within MERCOSUR. 81. These potential partnerships should be viewed within the wider context of the Inter-American system and global cooperation. Particularly relevant are the Organization of American States (OAS) and the United Nations Economic Commission for Latin America and the Caribbean (ECLAC). The OAS has a long tradition in human rights with an established regional system of human rights promotion and protection.26 The Charter of the OAS contains several principles of the right to development and specifically promotes development of States in 23 Ibid., para. 63. 24 This target reads: “Address the special needs of the least developed countries. Includes: tariff and quota free access for least developed countries’ exports; enhanced programme of debt relief for HIPCs and cancellation of official bilateral debt; and more generous ODA for countries committed to poverty reduction.” 25 This target reads: “Deal comprehensively with the debt problems of developing countries through national and international measures in order to make debt sustainable in the long term.” 26 See American Convention on Human Rights, OAS Treaty Series No. 36, 1144 UNTS 123, entered into force 18 July 1978 and the Additional Protocol to the American Convention on Human Rights in the Area of Economic, Social and Cultural Rights, “Protocol of San Salvador”, OAS Treaty Series No. 69 (1988), entered into force 16 November 1999.