A/HRC/S-10/2 page 4 Recalling that the existence of widespread extreme poverty inhibits the full and effective enjoyment of human rights by all, its immediate alleviation and eventual elimination must remain a high priority for the international community, Cognizant that, as a result of globalization, domestic economies are now interwoven, and that good governance at the national and international levels, as well as fair, effective, transparent and accountable financial, monetary and trading systems, are essential prerequisites for attaining sustainable development and for the elimination of poverty, Expressing serious concern at the negative impacts of the global economic and financial crises on economic and social development and on the full enjoyment of all human rights in all countries, and recognizing that developing countries, particularly least developed countries and small island developing States, are in a more vulnerable situation when facing these impacts, Regretting that the global economic and financial crises have resulted in the decline of exports, foreign direct investment, and remittances which are essential factors contributing to the growth of economies of developing countries, and have led to difficulties in foreign indebtedness and in the realization of all human rights, including the right to development, Reaffirming that the State has a responsibility to ensure that an increase in unemployment does not exacerbate the potential for discrimination, in particular against migrants and other vulnerable groups, Recognizing that the economic and financial crises are global in scope and require global concerted solutions, developed in partnership by the international community with a view to preventing and alleviating any of their impacts on the universal realization and effective enjoyment of human rights and fundamental freedoms, 1. Expresses deep concern that the universal realization and effective enjoyment of human rights are challenged due to multiple and interrelated global economic and financial crises; 2. Recognizes the severe impacts that the global economic and financial crises are having on the ability of countries, particularly developing countries, to mobilize resources for development and to address the impact of these crises, and, in this context, calls upon all States and the international community to alleviate, in an inclusive and development oriented manner, any negative impacts of these crises on the realization and the effective enjoyment of all human rights; 3. Underlines the urgent need to establish an equitable, transparent and democratic international system to strengthen and broaden the participation of developing countries in international economic decision-making and norm-setting; 4. Expresses grave concern that these crises threaten to further undermine the achievement of the internationally agreed development goals including the Millennium Development Goals and calls upon all States to refrain from reducing international financial