12. 2. 92 Official Journal of the European Communities No L 35/1 (Acts whose publication is obligatory) COUNCIL REGULATION (EEC) No 319/92 of 3 February 1992 on the implementation for a trial period of the European Communities Investment Partners financial instrument for countries of Latin America, Asia and the Mediterranean region THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 235 thereof, Having regard to the proposal from the Commission ('), Having regard to the opinion of the European Par- liament (3), Whereas the Community is implementing financial, tech- nical and economic cooperation with the developing countries of Latin America, Asia and the Mediterranean region ; Whereas in order to strengthen such cooperation, it is necessary, inter alia, to encourage mutually beneficial investment, particularly by small and medium-sized undertakings (SMUs); ‘ Whereas the Council has reached a consensus on the importance of the role of the private sector in the de- velopment process ; Whereas joint ventures and investment by Community undertakings in developing countries can bring certain benefits for these countries, including the transfer of capital, know-how, employment, the transfer of training and expertise, increased export possibilities and the meeting of local needs; Whereas a three-year pilot scheme was launched in 1988 to promote, via an European Communities Investment Partners financial instrument (ECIP), the creation of joint ventures between the Community and countries of Latin America, Asia and the Mediterranean region ; Whereas on 18 December 1990 the Council adopted guidelines on new forms of cooperation to benefit Asia () OJ No C 81, 26. 3. 1991, p. 6. () OJ No C 183, 15. 7. 1991, p. 464. and Latin America on the one hand and the Mediterra- nean region on the other; Whereas although the results obtained to date have revealed this instrument to have some potential to attain - these objectives, it is still necessary to determine the precise role it could play within the range of cooperation facilities with Latin America, Asia and the Mediterranean region ; Whereas the continuation and extension of the instru- ment for a further three-year trial period from 1 January 1992 is therefore necessary to confirm the utility of this instrument and perfect the way in which it is imple- mented, in order that full use may be made of the possi- bilities of mutually beneficial action in the countries of Latin America, Asia and the Mediterranean region ; Whereas the broadest possible participation by under- takings in all Member States should be encouraged; Whereas all the Member States should be encouraged to participate in the promotion of their investments in the countries of Latin America, Asia and the Mediterranean region through financial institutions specializing in de- velopment ; Whereas the objectives and operating criteria of the instrument need to be defined ; Whereas the Treaty does not provide, for the adoption of this Regulation, powers other than those of Article 235, HAS ADOPTED THIS REGULATION : Article 1 1.  For a three-year trial period starting on 1 January 1992, and as part of its economic cooperation with the countries of Latin America, Asia and the Mediterranean region, the Community shall operate special cooperation schemes aimed at promoting mutually beneficial invest- ment by Community operators, particularly in the form of joint ventures with local operators in the countries eligible.