Latin American and Caribbean finance ministers gathered in Chile on Friday to seek ways to strengthen regional cooperation and cope with external crises.

International Monetary Fund (IMF) chief Christine Lagarde and chiefs of some other regional and global financial institutions also attended the meeting of the 33-member Community of Latin American and Caribbean States (CELAC), in the Chilean city of Vina del Ma.

The attendants mulled common strategies to withstand the impact of external woes, especially a possible increase in capital flows due to the monetary stimuli by developed countries.

They were expected to approve a declaration to voice their support for a "new regional financial architecture" designed to back the region's most vulnerable economies.

A finance work group would also be created to coordinate regional reforms and strengthen the necessary actions in case of crisis, according to the declaration draft.

"Our region used to be part of the problem, but today it is part of the solution," Chilean Finance Minister Felipe Larrain said at the opening ceremony.

The meeting, a prelude to the first CELAC-EU summit slated for January in Santiago, was held behind closed doors so as to promote "a clear and open discussion" about, among others, the European financial crisis and its impact on the region.

According to the UN Economic Commission for Latin America and the Caribbean, the CELAC economy would grow 3.8 percent in 2013, compared to 3.1 percent estimated for this year.