LAES Proposes South-South Integration to Face Economic RecessionThe permanent secretary of the Latin American Economic System (LAES), Otto Boye, reiterated in Caracas on Wednesday that strengthening the South-South integration is the best way of protection in the face of possible impacts caused by the economic deceleration in the United States.Boye made the call at the opening session of the 27th LAES Latin American Council meeting. A further South-South integration means an extension of intra- regional trade in a way that part of their exports originally sent to the U.S. be sent to South America instead, he said. Boye saw as partial the Free Trade Area of the Americas (FTAA) agreement, which does not bring true integration with it. FTAA, instead of being an inevitable destination, should be a choice for the countries of the region, he added. The LAES chief said the recent U.S.-led military attacks against Afghanistan forecast a long-lasting conflict, which will weigh heavily against the global economy and lead to volatility in stock and oil markets. |
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