Region meets to create new economic zone

Dec 18, 2013 News

The region is pushing ahead aggressively with an ambitious move to establish a complementary economic zone, with President Donald Ramotar yesterday attending a key meeting in Venezuela.

President Donald Ramotar at the confab.

According to the Ministry of Foreign Affairs, Heads of State and Governments of the countries that are members of ALBA (the Bolivarian Alliance of the Peoples of Our America) and Petrocaribe  were meeting yesterday in Caracas.
The forum was the second combined summit of ALBA-Petrocaribe under the Chairmanship of Nicolas Maduro Moros, President of Venezuela.
According to the Ministry, the aim of the summit is to strengthen the institutional mechanisms governing the integration process of Latin America and the Caribbean.
“In this regard, the Heads will deliberate on the proposal for the establishment of a complementary economic zone among the countries of ALBA, Petrocaribe, Caricom and Mercosur.”
Accompanying Ramotar is Foreign Minister, Carolyn Rodrigues-Birkett and Geoffrey DaSilva, Ambassador of Guyana to Venezuela.
Venezuela, through its former President Hugo Chavez, has been pushing for regional integration, combing Caricom and the Latin American countries. Under oil-for-food deals, several countries have recorded increased trade with that oil-rich country.
Guyana’s oil-for-rice deal has provided a critical market for farmers who have long been struggling for just that.
Venezuela’s geographic location as the country’s north-western neighbour has also been seen a major plus for Guyana.
Venezuela news yesterday quoted its Foreign Minister Elías Jaua as saying that the summit with the high-level participation is essential to the future of the Latin American and Caribbean region.
ALBA is comprised of Venezuela, Cuba, Bolivia, Nicaragua, Dominica, Ecuador, St. Vincent and the Grenadines, Antigua and Barbuda, and St. Lucia.

Venezuela is leading the charge for a common regional economic zone.

Petrocaribe was created in 2005 and has grown to include Antigua and Barbuda, the Bahamas, Belize, Cuba, Dominica, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, the Dominican Republic, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Surinam and Venezuela.