President Carlos Andres Perez of Venezuela asserted on Monday (14 June) that no Latin American nation, including the larger countries like Argentina, Mexico and Brazil, would achieve true economic development until regional economic integration becomes a reality.

SYNOPSIS: President Perez made the statement during the opening session of the second ministerial meeting of SELA, the Latin American economic and financial organisation. The session was attended by ministers of finance and planning from 23 Latin American countries although only 14 nations have so far approved the organisation's charter. The United States is excluded from membership of the organisation which was originally promoted jointly by Mexico and Venezuela -- but the English speaking Caribbean nations are included.

Speaking on behalf of all the delegates, Dr. Nicolas Barletta of Panama expressed the hope that the meeting would reach valuable conclusions.

When he opened the meeting, the Venezuelan President rejected Brazil's independent, cautious approach to participating in regional programme of economic integration. He said that economic integration was the only path to true progress and development. President Perez predicted that one day, economic integration of the region would be a reality. He described SELA as a pragmatic organisation which was ready to take advantage of all types of programmes in its search for economic independence in the region, and he said that it was not a political organisation but a group dedicated to the economic development of Latin America.