• Short Summary

    Venezuela on Tuesday (13 February) became the sixth nation to join the Andean Pact, a South American economic grouping known as the Andean Common Market.

  • Description

    Venezuela on Tuesday (13 February) became the sixth nation to join the Andean Pact, a South American economic grouping known as the Andean Common Market.

    As the announcement was made by the Pact Secretariat, the Venezuelan flag was raised beside those of the other members, Bolivia, Chile, Columbia, Ecuador and Peru, at the pact headquarters in Lima.

    Final agreement on Venezuelan membership came during a late Monday (12 February) night meeting between President Rafael Caldera and Peruvian President Juan Valasco Alvardo.

    Economists in Lima say the addition of Venezuela to the Pact will mean many radical changes to the future of the Andean Common Market. Venezuela has a higher per capita income and stronger currency than the other five countries and there have been fears that this would create basic imbalances between members.

    But the economists say it is precisely Venezuela's economic strength that is expected to be a major contribution to the fast growth of the Andean area.

    SYNOPSIS: President Juan Velasco of Peru and President Rafael Caldera of Venezuela attended a flag raising ceremony at the Andean Pact headquarters in Lima on Tuesday.

    President Caldera raised his country's flag alongside the other five members of the Treaty of Catagena to signify Venezuela's successful application to join the Andean Pact.

    Final agreement on Venezuelan membership was reached at a late night conference between Presidents Caldera and Velasco in Lima. Venezuela's entry into the group follows more than a year of difficult negotiations.

    Delegates from the Andean Pact's Secretariat and the Venezuelan Government signed the treaty which economists see as the most promising and active integration scheme to come out of Latin America. Other members of the Andean Common Market are Bolivia, Chile, Colombia, Ecuador and Peru. Venezuela, which has a higher per capita income and stronger currency than the other five countries, is expected to play an important economic role in the fast growth of the Andean area.

  • Tags

  • Data

    Film ID:
    VLVAF02W7Z6WNQQ9TS7C3XR55LSIY
    Media URN:
    VLVAF02W7Z6WNQQ9TS7C3XR55LSIY
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    15/02/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:06:00
    Time in/Out:
    /
    Canister:
    N/A

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