Latin America and the Caribbean needs a new development model to deal with future challenges, a United Nations (UN) report said here on Thursday.
It said the region should implement structural reform that takes equality and environmental sustainability into account.
The report, released at the Conference on Sustainable Development in Latin America and the Caribbean, identified the region's remaining challenges in achieving the United Nations Millennium Development Goals (MDGs).
The MDGs were essential but insufficient to guide the region's sustainable development, Alicia Barcena, executive secretary of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), said at the opening ceremony.
"We need a structural change with equality and it should be based on better production and consumption patterns," she said.
The conference, which will last till Friday, was jointly held by Colombia and the ECLAC in the capital city of Bogota. It will mainly discuss "follow-up to the UN post-2015 and Rio+20 development agenda."
Rio+20, also known as Rio 2012 or Earth Summit 2012, was the third international conference on sustainable development aimed at reconciling the global economic and environmental goals.
The UN report also proposed to advance ways to measure a country or a region's development progress.
"Global governance for sustainable development should be built by giving priority to promoting international fair trade, technology transference and financial reforms," it noted.
Participants of the conference observed a minute of silence to show respect for late Venezuelan President Hugo Chavez, who passed away on Tuesday at the age of 58.