Venezuelan President Hugo Chavez defended Tuesday a regional reserves fund at the Summit on Integration and Development of Latin America and the Caribbean (CALC).
Chavez suggested to establish a fund of 50 billion U.S. dollars, with due contribution of each country from the region, at the summit held in Sauipe Coast, a seaside resort in northeastern Brazil.
According to the report of the Economic Commission for Latin America and the Caribbean (ECLA) in 2007, said Chavez, the international reserves of the countries from the region totaled 459.75 billion U.S. dollars, and during the first six months of this year the amount reached 509.28 billion dollars.
Tuesday's meeting was "historic", which for the first time united governors and state representatives from Latin America and the Caribbean, he added.
Latin American and the Caribbean countries have a total population of 550 million and an area of 20.18 million square kilometers, with a Gross Domestic Product (GDP) worth 3.5 trillion U.S. dollars.
The summit attended by 33 heads of state and government from the region began Tuesday and will conclude on Wednesday.
Source:Xinhua
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