ANTIGUA & BARBUDA TOURISM AUTHORITY

Prime Minister the Hon. W. Baldwin Spencer over the weekend signed an agreement for the creation of the Economic Space of ALBA-TCP designed to foster closer trade among Latin American and the Caribbean.

According to Prime Minister Spencer, this new agreement will seek to compliment the OECS Economic Union and the Caribbean single Market and Economy initiatives.

“The purpose of this agreement is to create an economic framework as a shared development, inter-dependent, sovereign and supportive economic zone aimed at consolidating and enlarging a new alternative model of economic relations that will strengthen and diversify the production apparatus and trade exchanges among members of ALBA,” he said.

The Prime Minister further stated that contrary to media reports, Antigua and Barbuda has not yet signed on the dotted line for the ALBA Bank initiative.

“Though we agree with the principles and objectives of this most important financial initiative we are still in the process of discussing the various articles concerning this agreement” he said.

The new ALBA –TCP ECOALBA Trade agreement will be guided by a set of principles to include trade complimentarily, solidarity and cooperation, sovereign trade without conditionalities or interference in internal affairs, protection  of production of national interest for the integral development of all peoples and nations and supportive treatment for the weakest economies.