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Countries relying significantly on natural resource exports face particular challenges. We encourage investment in value addition and processing of natural resources and productive diversification, and commit to addressing excessive tax incentives related to these investments, particularly in extractive industries. We reaffirm that every State has and shall freely exercise full permanent sovereignty over all its wealth, natural resources and economic activity. We underline the importance of corporate transparency and accountability of all companies, notably in the extractive industries. We encourage countries to implement measures to ensure transparency, and take note of voluntary initiatives such as the Extractive Industries Transparency Initiative. We will continue to share best practices and promote peer learning and capacity-building for contract negotiations for fair and transparent concession, revenue and royalty agreements and for monitoring the implementation of contracts.

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