ALBA is prepared to face the challenges of Member States from a progressive standpoint. One of these challenges is the establishment, along with Petrocaribe, of an Economic Zone with the strategic goal of expanding and consolidating the Latin American and Caribbean economic and trading space and giving real opportunities of growth based on complementarity.
The union of ALBA-PTA and Petrocaribe will
- help join efforts between South America and the Caribbean basin;
- bolster integration of the Latin American region under humanist principles of justice, solidarity and complementarity, and
- play a key role in the endeavours against hunger and poverty in the region.
Action Plan for Eradication of Hunger and Poverty
Thus far, two meetings of ALBA-PTA and Petrocaribe have taken place. In December 2013, the “Commander Hugo Chávez Frías Action Plan for Eradication of Hunger and Poverty” was adopted as a first step to achieve the Millennium Goals in the region. The countries also agreed to establish a Complementary Economic Zone with the Southern Common Market (MERCOSUR).
Forming a Complementary Economic Zone
Consistent with this, in July 2014, during the Mercosur summit in Caracas, member countries agreed to form a Complementary Economic Zone (ZEC) with ALBA-TCP, the Caribbean Community (CARICOM) and Petrocaribe, in order to boost their political and economic relations, promoting the development of a complementary trade, fair and balanced to meet the highest interests for the develop of the peoples.
New opportunities for economic and trade development
The establishment of this Complementary Economic Zone will bring new opportunities for economic and trade development through the implementation of joint plans and projects in the areas of energy, tourism, agribusiness, transportation and communications, among others.
Furthermore, it will make room for wider participation and linkage of the grassroots movements in the region and invigorate cultural exchange among the peoples of Our America
The creation of a single broad and strong political and economic block
The full synergy between ALBA-PTA, Petrocaribe, Mercosur and Caricom, including other mechanisms of the region, such as the Organization of Eastern Caribbean States (OECS), the Central American Integration System (SICA), the Association of Caribbean States (OCS), the Common Market of the South (MERCOSUR), and the South American Union of Nations (UNASUR), will pave the way for the creation of a single broad and strong political and economic block, which will consolidate the integration of Our America on the latest created Community of Latin American and Caribbean States (CELAC)