The Economic Commission for Latin America and the Caribbean proposes focusing regional cooperation efforts on eight areas: four of them refer to intraregional issues (fostering trade within the region, investment in infrastructure, social cohesion and reducing asymmetries); and the other four to cooperation for addressing global challenges: innovation, forging closer ties as a region with Asia-Pacific, reforming the international financial system and climate change. Specific proposals for action are presented for each of these areas. Advances in the selected areas would benefit from a unified and more effective institutional framework within the region. A representative framework of this kind could help to reconcile any opposing interests that may arise between countries, while paying special attention to the interests of the smallest or relatively less developed countries.