MercoPress. South Atlantic News Agency

Venezuela convenes an ALBA summit to propose creating an economic space

Time to bind economically, says Hugo Chavez

Venezuelan President Hugo Chavez has called for a presidential summit of the Bolivarian Alliance of the Peoples of our America, ALBA, for next February 5 in Caracas when it is expected Chavez will insist in the creation of an economic block.

“We are calling for an ALBA summit, 5 February to consider this great geopolitical space, the Bolivarian alliance”, said Chavez speaking to reporters at the Presidential Palace of Miraflores.

“The meeting has been convened in Caracas, and I hope all participants accept” said Chavez adding that the Foreign Affairs ministry was working in the confirmation of presidents’ attendance.

Chavez anticipated that at the meeting Venezuela will propose the creation of an “economic ALBA zone” where in 2010 the Sucre (Unitary System of Regional Compensation) became legal tender with a value equivalent to a US dollar and is an accountancy compensation currency among country members.

“ALBA for me is the most advanced unitary platform in this world and now we are moving to the economic side of it”, said Chavez last Friday on receiving the Peruvian defence minister Luis Alberto Otálora.

The brain child of Chavez and his Bolivarian dreams, ALBA has as full members besides Venezuela and Cuba, Ecuador, Bolivia, Nicaragua, Antigua and Barbuda, Dominica and Saint Vincent and the Grenadines.

Countries belonging to the group have political affinity with Chavez but a majority are attracted by the aid and oil granted by Venezuela from its abundant hydrocarbons resources.