VenEconomy : It will end up isolated and in ruins
This week the Latin American and Caribbean Summit met in Caracas and was attended by 29 representatives of this regional organization's member countries. The Summit analyzed different aspects of the new Community of Latin American and Caribbean States (CELAC) to be created on July 5 in Caracas.
CELAC, promoted by Venezuela, is apparently intended to be a union of integration and multiregional development in which all member countries of the Organization of American States (OAS) will take part, with the exception of the United States and Canada.
It would be hard to find a more counterproductive proposal than this new, excluding community.
Healthy logic dictates that the countries of Latin America and the Caribbean should seek more integration with the north, not less. The United States and Canada are sources of capital, know-how, technology, and markets that are indispensible for the region's development.
The creation of CELAC is happening just when Venezuela is celebrating five years since its withdrawal from the Andean Community (CAN). It is worth recalling that this was a unilateral decision by the Hugo Chávez administration, which excluded Venezuela from one of the most dynamic and productive regional integration organizations in the world. Moreover, Venezuela, five years later, has not managed to finally join Mercosur. But, even if and when it does finally join, it will not make much difference to trade integration, as Mercosur is, in fact, a political union.
While Venezuela is choosing the wrong path, other countries in the region are moving ahead with trade agreements that will bring prosperity to their peoples.
1) This week, Mexico, Colombia, Chile, and Peru signed the Pacific Agreement, which seeks to create a “profound integration among open-economy countries and establish a common strategy vis-à-vis the international economies.” This “trade giant,” which is being called on to become a modern, dynamic integration bloc, will be joined later by Costa Rica, Ecuador, El Salvador; Guatemala, Honduras, Nicaragua, and Panama.
2) Brazil negotiates a trade agreement with United States, as a result of which Mercosur will take second place as far as Brazil's economic interests are concerned.
3) Cuba, in the hands of Raúl Castro, seems to be trying to open up its economy given the failure of its communist policy.
Today, Venezuela, controlled by Hugo Chávez, is moving backwards along a path that leads to poverty and backwardness for its people.
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VenEconomy has been a Venezuela's leading specialized publisher on financial, political and economic data since 1982. VenEconomy's Points of View on the issues of the day, as seen by VenEconomy during the last week. Petroleumworld does not necessarily share these views.
Editor's Note: This commentary was originally published by Veneconomy , on April 29, 2011. Petroleumworld reprint this article in the interest of our readers.
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Petroleumworld News 05/02/2011
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