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.
MV Peruvian President Velasco & Venezuelan President Caldera walk towards flagpole
MV Caldera raises flag & is congratulated by Velasco (2 shots)
MV Caldera, Brigadier Barandiaran Pagador & Velasco take seats at head of table
MV Caldera and Pagador
MV Minister signing agreement
MV & GV Pagador signs agreement
MV Other delegates sign
MV Pagador shakes hands with Valasco & Caldera
Initials ESP/0155 ESP/0216
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Background: 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.