ALBA and PetroCaribe Launch Common Economic Area to Fight Poverty

JSC: Jamaicans in Solidarity with Cuba

18th December 2013

2nd extraordinary alba petrocaribe summit 2The 2nd Summit of the Bolivarian Alliance for Our America (ALBA) and Petrocaribe took place in Caracas yesterday. It focused on creating a “special complementary economic zone” between the member countries of both alliances in order to eradicate poverty in the region.

The creation of the economic zone was raised in the meeting of Petrocaribe in May of this year, and proposed by Venezuelan president Nicolas Maduro to the ALBA heads of state summit in July of this year. Yesterday’s summit approved an action plan to implement the proposal, which will involve cooperation with the UN Food and Agriculture Organisation (FAO).

 New monetary exchange methods using local currencies and other systems such as the regional SUCRE currency

When the summit’s final declaration (included at the end of this article) was passed unanimously, Maduro said the economic zone “is a special plan… in order to continue advancing…

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About Ed Sykes

Independent journalist. Co-founder of Phoenix Media Co-operative. Author of Rojava: An Alternative. Ex-Canary editor and writer (2015-2020). Aka 'Oso Sabio' - see @ososabiouk on Twitter.
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