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10-08-2010 15:49 Venezuela

Trade between ALBA countries in 2010 above $400 million as sucre grows

President of the Regional Monetary Council (CMR), Eudomar Tovar has stated that in 2010 non-traditional imports and exports between member countries of the Bolivarian Alliance for the Americas (ALBA) are calculated to be above the $400 million mark.

It must be noted that he was talking about trade between ALBA countries that have joined the Sucre currency system, officially called the unitary system of regional payments compensation. The Sucre trade currency was started to avoid dependence on the US dollar. The ALBA countries that have ratified the new trade currency are Ecuador, Cuba, Bolivia and Venezuela.

Tovar maintained that the currency has stoked interest in other countries and that it will grow in strength as new products are incorporated into the system. The CMR, he stated, made a presentation showing the advantages of the currency to the Latin American Integration Association (ALADI).

ALBA executive secretary, Amenothep Zambrano said the mechanism is consolidating the dynamics of greater regional integration boosted by the Venezuelan government and its foreign policy.

Zambrano proclaimed that the system, along with the ALBA Bank, is promoting a new type of economy and the volume will get bigger and as more countries take part.

Transactions between ALBA member countries was around $200 million in 1996 and after ALBA was set up in 2004 the amount reached was $1.5 billion, whereas in 2009 it amounted to $6.5 billion.

Now that the Sucre had been ratified by the Bolivian parliament ,Tovar commented, trade between the two countries using the Sucre currency will increase.

At the moment, transactions in the currency have been done between Cuba and Venezuela and between Ecuador and Venezuela.

Source: via Vheadline


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