Caracas, January 27, 2008 (venezuelanalysis.com) – The 6th Summit of the Bolivarian Alternative for Latin America (ALBA), a joint Venezuelan-Cuban initiative based on fair trade as an alternative to the U.S.-sponsored Free Trade Area of the Americas, concluded in Caracas on Saturday with the founding of a new Bank of ALBA and the signing of a series of economic and social agreements between the member nations. The Dominica also became the newest country to join the regional fair trade bloc.
Commenting on the launch of the new financial institution, Venezuelan President Hugo Chavez said that it breaks with capitalist concepts and is a political instrument for social and economic development.
ALBA, “as its name indicates, is an alternative to the global capitalist model, a concept of a geo-economic, geopolitical, social, cultural and ideological space that is in construction,” he added.
Chavez also emphasized the importance of the incorporation of the Dominica into ALBA. saying, “despite the globalized media bombardment… it shows that an alternative continues growing and consolidating itself.” (more…)