00:00Hello.
00:10On December 14th, Caracas is the epicenter of the 24th Summit of Head of State and Government
00:16of ALBA-TCP.
00:17To know what this multilateral mechanism is all about, let's watch the following report.
00:24ALBA-TCP is a regional international organization founded in 2004 by the governments of Cuba
00:31and Venezuela to counter the free trade area of the Americas promoted by the United States.
00:37ALBA-TCP currently enrolls Latin American and Caribbean countries with the firm objective
00:44of fighting poverty and social exclusion based on leftist ideological doctrines.
00:51This mechanism prioritizes equality and the common good in relations between nations by
00:56fostering regional dialogue, by identifying areas for strategic alliances and by promoting
01:02consensus and agreement among Latin American nations.
01:10Regarding block transactions, ALBA has its own virtual currency, the Sucre, Spanish acronym
01:16for the Regional Compensation Unitary System, named after Independence General Antonio José
01:21de Sucre.
01:22The Sucre was created to progressively replace the U.S. dollar at commercial exchanges among
01:28ALBA member countries.
01:30At present, it is under revision to be reactivated in tune with new trends and technological
01:36advancements.
01:42On a day like this, we recall what Commander Hugo Chávez said about ALBA.
01:47ALBA equates to reviving Bolívar and Martí in the Americas.
01:51Chávez equated the ALBA project with the ideals of liberators Venezuela and Timón
01:56Bolívar and Cuban José Martí, highlighting the historical and transcendental implications
02:02of this initiative.
02:07Join us and tell us your English throughout this special week as we continue to follow
02:10the ALBA-TCP 24th Summit in Caracas.
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