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Nicaragua: Petrocaribe summit is a 'beautiful legacy', Maduro01:59

Nicaragua: Petrocaribe summit is a 'beautiful legacy', Maduro

Nicaragua, Managua
June 30, 2013 at 04:47 GMT +00:00 · Published

Nicaragua: Petrocaribe summit is a 'beautiful legacy', Maduro

Venezuelan President Nicolas Maduro announced the creation of a new economic zone at the Petrocaribe Summit in Managua on Saturday. This year's summit, the eighth of its kind, also marks the anniversary of the founding of the alliance on June 29, 2005 by former Venezuelan President Hugo Chavez.

A variety of political issues were also raised at the summit including a renounced US trade deal with Ecuador and the recent signing of an agreement between Colombia and NATO.

The Venezuelan president said the agreement to align economic policies would promote a greater political union, allowing secure development of industry and social programmes based on a shared financial framework.

The news comes shortly after the coordinating government of the Petrocaribe nations announced a new link with the Bolivarian Alliance for the Peoples of our America (ALBA) group, a regional cooperation body also proposed by the Chavez government.

Several nations within ALBA group, including Venezuela and Ecuador, have exhibited strained relations with the United States. These strains were evident at the summit when Bolivian President Evo Morales referred to the President of Ecuador's recent decision to abandon its' trade deal with the US last Thursday. President Correa said the US was using the deal as 'blackmail' because of their willingness to accept an asylum request by whistle blower Edward Snowden.

Petrocaribe is a treaty organisation, established by Venezuela, where members can sell fuel on preferential terms to each other.

Nicaragua: Petrocaribe summit is a 'beautiful legacy', Maduro01:59
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Nicaragua: Petrocaribe summit is a 'beautiful legacy', Maduro

Venezuelan President Nicolas Maduro announced the creation of a new economic zone at the Petrocaribe Summit in Managua on Saturday. This year's summit, the eighth of its kind, also marks the anniversary of the founding of the alliance on June 29, 2005 by former Venezuelan President Hugo Chavez.

A variety of political issues were also raised at the summit including a renounced US trade deal with Ecuador and the recent signing of an agreement between Colombia and NATO.

The Venezuelan president said the agreement to align economic policies would promote a greater political union, allowing secure development of industry and social programmes based on a shared financial framework.

The news comes shortly after the coordinating government of the Petrocaribe nations announced a new link with the Bolivarian Alliance for the Peoples of our America (ALBA) group, a regional cooperation body also proposed by the Chavez government.

Several nations within ALBA group, including Venezuela and Ecuador, have exhibited strained relations with the United States. These strains were evident at the summit when Bolivian President Evo Morales referred to the President of Ecuador's recent decision to abandon its' trade deal with the US last Thursday. President Correa said the US was using the deal as 'blackmail' because of their willingness to accept an asylum request by whistle blower Edward Snowden.

Petrocaribe is a treaty organisation, established by Venezuela, where members can sell fuel on preferential terms to each other.

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