A/RES/62/118 A–B 1. Welcomes the negotiations on constitutional advancement and balance of authority between the administering Power and the territorial Government during 2006–2007 resulting in the draft constitution that was unanimously passed by the Legislative Council of the Territory in May 2007; Also welcomes the efforts made by the territorial Government to focus 2. the economic base of the Territory more on local ownership and on professional service industries other than financial services; Further welcomes the ongoing work of the Inter-Virgin Islands Council 3. between the elected Governments of the British Virgin Islands and the United States Virgin Islands as a mechanism for functional cooperation between the two neighbouring Territories; V Cayman Islands Taking note of the working paper prepared by the Secretariat on the Cayman Islands 12 and other relevant information, 1F Taking note also of the 2002 report of the Constitutional Modernization Review Commission, which contained a draft constitution for the consideration of the people of the Territory, the 2003 draft constitution offered by the administering Power and the subsequent discussions between the Territory and the administering Power in 2003, Noting with interest the reopened discussions between the administering Power and the territorial Government in 2006 on constitutional modernization with the aim of ascertaining the views of the people by way of referendum, Noting that the Caribbean regional seminar, held in Saint George’s, Grenada, from 22 to 24 May 2007, discussed the establishment of the Cayman Islands Constitutional Review Secretariat, which had begun its work in March 2007 to raise public awareness and disseminate information about the Territory’s constitutional review process, Acknowledging the indication by the territorial Government that certain costof-living issues, such as inflation, are a cause for concern, 1. Requests the administering Power to assist the Territory in facilitating its work concerning public awareness outreach efforts, consistent with Article 73 b of the Charter of the United Nations, and calls upon the relevant United Nations organizations to provide assistance to the Territory, if requested, in the context of its public awareness outreach efforts; Welcomes the announcement made by the territorial Government that it 2. intends to address various cost-of-living issues in a systematic manner; VI Guam Taking note of the working paper prepared by the Secretariat on Guam 13 and other relevant information, 12F _______________ 12 A/AC.109/2007/2. 9