ALBA-TCP strengthens mechanisms for coordination with other integration bodies - MPPRE

ALBA-TCP strengthens mechanisms for coordination with other integration bodies

The ALBA-TCP Executive Secretary, Sacha Llorenti, held meetings on Monday with the President of the Bank of ALBA’s Board of Directors and Vice-minister for the Caribbean, Raúl Li Causi, and the Vice-president of PDVSA’s International Affairs and Vice-minister for Latin America, Rander Peña, to discuss the ALBA-TCP’s economic, financial cooperation, the implementation and funding of the 2021 Post-pandemic Working Plan, and the COVID-19 regional situation.

At the first meeting with Vice-minister Raúl Li Causi, they reiterated the need of strengthening the regional integration mechanism through dialogue, cooperation, solidarity, complementarity and coordination to implement the roadmap devised at the 18th ALBA-TCP Summit of Heads of State and Government held on December 14, 2020.

Bank of ALBA and new economic architecture

The Bank of ALBA seeks to promote a fair, dynamic, equitable economic exchange among the ALBA-TCP member countries, based on the principles of solidarity, complementarity, cooperation and respect for sovereignty.

Currently, the Bank of ALBA is made up of ministerial representatives from the Bolivarian Republic of Venezuela, the Republic of Cuba, the Plurinational State of Bolivia, and the Republic of Nicaragua. It was joined later by Saint Vincent and the Grenadines (2011), the Commonwealth of Dominica (2012) and Antigua and Barbuda (2019).

2021, year of Petrocaribe’s reactivation

Later on Monday, the ALBA-TCP executive secretary held a meeting with the Foreign Ministry’s Vice-minister for Latin America, Rander Peña, to review the agreements reached at the 18th ALBA-TCP Summit.

«We reviewed the agreements of the last ALBA-TCP Summit, placing special emphasis on the ALBA-Petrocaribe economic zone,» said the Vice-minister, who also asserted that «2021 will be a year for the reactivation of the Petrocaribe scheme» for the ALBA-TCP member countries to move forward towards energy sovereignty and a real productive, technological development model.

These two meetings seek to strengthen the regional bloc’s economic, financial scheme and form a triad to boost the construction of an alternative model of economic sovereignty through a new financial architecture, and consolidate a system of solidarity-based, participative and complementary exchange and cooperation to strengthen the peoples’ economic and commercial freedom.