Bloomberg, (AP), Jan 17, 2011
CARACAS, Venezuela (AP) — Venezuela and Ecuador are proposing to strengthen economic ties through the creation of a joint development fund under the aegis of a leftist regional economic bloc, Venezuela's top diplomat said Monday.
Foreign Minister Nicolas Maduro said the South American countries are looking to define the fund's objectives within the framework of the Bolivarian Alternative for the Nations of Our America, or ALBA, which Venezuela and Cuba started as a socialist-oriented trade alliance in 2004.
Maduro said the fund would be used to finance ALBA goals, including strengthening regional trade. He did not give other details such as how much money would be committed or how the fund would work.
Maduro told state-run ABN news agency he would discuss the fund with Ecuadorean Foreign Minister Ricardo Patino on Monday in Caracas.
Meanwhile Patino said Venezuela and Ecuador should increase use of the Sucre, a virtual currency used among ALBA nations. The bloc began using the currency, which was designed to manage debts, facilitate trade and reduce dependence on the U.S. dollar, last year.
Trade between Venezuela and Ecuador topped $30 million in 2010, Patino said.
Other ALBA member nations include Bolivia, Nicaragua, Dominica, Antigua and Barbuda and St. Vincent and the Grenadines.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.