Mercosur: declaration in order to create special economic zone

By Telesur

Presidents from the Southern Common Market (Mercosur) and the Bolivarian Alliance for the Peoples of Our America (ALBA) countries met on Tuesday in Caracas, where they approved a declaration to establish a special economic zone between ALBA-TCP, Petrocaribe and Caricom member countries.

The proposal aims to facilitate trade and industrialization among member countries.

Bolivian President Evo Morales stated, “We have confidence in the regional integration process which is being carried out by Petrocaribe, Community of Latin American and Caribbean States (CELAC), Union of South American Nations (Unasur) and Mercosur. It is our responsibilty to deepen the social and poilitical struggle in order to achieve economic stablitity and political sovergntity.”

Argentinean Minister of Industry, Debora Giorgi, issued a speech to Mercosur ministers urging the region to increase integration and industrialization efforts in Latin America.

The minister praised the regional bloc, “In the last decade, unemployment has decreased from 15 to 6 percent, and has lifted 61 million people out of poverty.”

In addition to the socio-economic achievements, Giorgi stressed the importance of strengthening the regional industrial sector. According to the Economic Commission for Latin America and the Caribbean (ECLAC), the region’s share of manufacturing exports has increased greatly in the last decade, from 13% in 2002 to 24% in 2012.

She noted an important need to increase inter-regional trade particularly in the area of industrial goods. An ECLAC report found, in 2012, just 19 percent of regional exports stayed within the region, a share that has been essentially unchanged since 2007.

Given the need to increase inter-regional industrial trade and regional development projects, several countries signed a document which seeks to create the new Mercosur, Alba and Petrocaribe economic zone.

Leaders also approved an official document which aims to expidite the operational acitivies of the Bank of the South.