While hoping to tap into trade arrangements being explored by the Venezuelan-led Bolivarian Alliance known as ALBA, Dominica and the other two OECS countries (Antigua and Barbuda and St Vincent and the Grenadines) with membership in that organization, have said they’ll stay away from the sucre, ALBA’s currency of choice for trading among its member states.
Dominica’s Prime Minister Roosevelt Skerrit says the OECS countries have their own Eastern Caribbean EC dollar which is pegged to the US dollar, and they are not keen on embracing the sucre at this time.
The sucre is described as the instrument for effecting the payment of trade between member states of ALBA.
“What we have indicated to our friends in ALBA is that countries like Dominica, St Vincent and Antigua cannot participate in that arrangement because our monetary policy is governed by the monetary council of the Eastern Caribbean Central Bank,” PM Skerrit said after returning home from the 11th ALBA Summit held in the Venezuelan capital Caracas last weekend.
He said while applauding the move towards the sucre, the three OECS members in ALBA made it clear that they can’t entertain that currency, and received acceptance of their position from other ALBA colleagues.
The Dominican leader also indicated that ALBA was not intended to replace OECS and Caricom arrangements, but rather to complement those regional arrangements in a more hemispheric setting.
Dominica is pushing to export some of its water resources to its fellow ALBA-member states under the organisation’s “fair trade” initiatives.