ALBA summit opens in Venezuela

Thursday, 09/03/2017 06:31
The 14th summit of the Bolivarian Alternative for the Peoples of America (ALBA) has opened in Venezuela's capital city of Caracas.

The event was attended by Venezuelan President Nicolas Maduro, Cuban President Raul Castro, and other South American and Caribbean leaders.

ALBA is an intergovernmental organization based on the idea of the social, political and economic integration of the countries of Latin America and the Caribbean.

At the summit, participants will propose targets and measures to promote regional unity and integration, and expand economic projects, trade, and cooperation.

Founded initially by Cuba and Venezuela in 2004 through an agreement signed by Fidel Castro and Hugo Chavez, it is associated with socialist and social democratic governments wishing to consolidate regional economic integration based on a vision of social welfare, bartering and mutual economic aid.

ALBA nations may conduct trade using a virtual regional currency known as the SUCRE. Venezuela and Ecuador made the first bilateral trade deal using the Sucre, instead of USD, on July 6th, 2010./.

Compiled by BTA

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