Bolivarian Alternative for the Americas
"The time has come for us to take on an Economic Plan that places greater emphasis on projects and transnational companies, the People’s Trade Treaty, the sucre and the Bank of Alba as the foundational pillars for a common economic area."
Venezuelan and Nicaraguan officials met in Managua on Wednesday to deepen bilateral economic ties with the goal of fostering import substitution, promoting Latin American integration, and creating an economic alternative to US-dominated free trade agreements.
On January 7, hundreds of Hondurans risked violent repression by the police and military to protest outside the national parliament building against the coup regime’s decision to withdraw the country from the Bolivarian Alliance for the Americas (ALBA).
The Honduran Congress, which is dominated by supporters of self-styled "interim president" Roberto Micheletti, voted 123 to five late on Tuesday to end co-operation with Cuba and Venezuela under the the ALBA Peoples’ Trade Treaty.
Sucre is a virtual “currency” which will be used in the Alba countries: Antigua and Barbuda, Bolivia, Cuba, Dominica, Ecuador, Honduras, Nicaragua, San Vincent and the Grenadines and Venezuela.
The creation of a regional currency among Latin American countries drew closer over the weekend as Cuba agreed to pay for a shipment of Venezuelan rice in sucres – the new currency.
The seventh Alba Summit reflects the profound contrast between imperialism that is wasting away and the healthy development of countries with more progressive governments in Latin America and the Caribbean.
ALBA countries signed an agreement to implement the common currency "Sucre" (Unified System of Compensation of Reciprocal Payments). The point of the new currency is to use it instead of the US dollar for commercial exchange between member countries.
ALBA Alimentos will emerge as a grand national project aimed at fighting the regional food crisis, said Venezuelan President Hugo Chavez at the 7th Summit of the Bolivarian Alternative for the Americas (ALBA).
The 7th Summit of the ALBA approved new steps for strengthening its model of “just and complementary trade” and ratified its struggle against “threats from the empire”
The Alba trade bloc, led by Venezuelan President Hugo Chavez, agreed to create regional mining and agriculture businesses as the group concluded a second day of talks in Bolivia.
Although the crisis is indeed delegitimizing capitalism as an engine of “progress,” the weakening global economy is greatly complicating, if not weakening, efforts to advance ALBA as well as the Bank of the South.
Exiting ICSID and joining ALBA and UNASUR,along with the customs restrictions it applied on its CAN neighbours, are the recent measures that have been taken by the government of Ecuador to demonstrate that there is an alternative trade policy.
Zelaya joined the Venezuelan proposed ALBA, a fair trade alternative to Washington’s now-defunct Free Trade Area of the Americas, but is no Chavez puppet, despite what the all-out PR war from Washington-based business groups claims
"I reiterate, we’re not negotiating a free trade agreement with the European Union."
Venezuela and the countries of the Bolivarian Alternative to the Americas (ALBA) decided not to sign the final document of the Summit of the Americas held on April 17-19 in Trinidad and Tobago, saying it excluded Cuba and offered no viable solution to the current economic crisis.
At the World Social Forum taking place in Belem, Brasil, Latin American social movements held a dialogue on regional integration from a peoples’ perspective, with the leaders of four South American progressive governments. Presidents Hugo Chavez (Venezuela), Fernando Lugo (Paraguay), Evo Morales (Bolivia) and Rafael Correa (Ecuador), met with 1500 representatives of social movements to exchange about past and future collaboration around integration initiatives such as the Bolivarian Alternative of the Americas (ALBA) as solutions to the global economic crisis.
The Summit of the Bolivarian Alternative for the Americas (ALBA) and Petrocaribe, originally scheduled for the coming weekend in Caracas, has been postponed, sources from the Venezuelan Foreign Ministry announced.
Ecuador’s president has ruled out a separate free trade agreement with the European Union, outside of the Andean Community trade bloc, as Peru and Colombia are seeking. However, negotiators at the Foreign Ministry say that if it is necessary to seek a free trade deal separately from the rest of the bloc, they will do so.
Bolivarian Alternative for the Americas, ALBA, announced on Wednesday it will create a common currency.