Jct: The BIG ACHIEVEMENT IS: 8. ALBA has developed an alternative currency to break dependency on the U.S. To date, 5,657 transactions totalling US$2.5 billion have taken place using the SUCRE. The currency was developed by ALBA so that international trade would not depend on U.S. currency and exchanges. In the first half of 2014, 76 percent of those trading using the SUCRE were private enterprises and 24 percent represented the public sector. 9. Trade amongst members is based on solidarity rather than ‘the market’ According to its founding document, “the cardinal principle that should guide the ALBA is the widest solidarity between the peoples of Latin America and the Caribbean ... without selfish nationalism, nor restrictive national policies that deny the objective of building the greater Homeland (Patria Grande) in Latin America.” As such, trade between members is done at preferential, non-market rates and payment can be made through goods as well as through payments over a period of time at lower-than-market interest. 10. ALBA is growing In the last 10 years, the bloc has grown tremendously. It has expanded from its two signing partners in Cuba and Venezuela to include Antigua and Barbuda, Bolivia, Dominica, Ecuador, Nicaragua, Saint Lucia as well as St. Vincent and the Grenadines. Suriname and Haiti are also slated to become members.
Posted on: Sun, 14 Dec 2014 14:44:05 +0000
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