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Bolivarian Alliance for the Peoples of Our America (ALBA)
 

 

A trade treaty of the countries of Latin American and the Caribbean. ALBA was founded in 2004 as an alternative to the free trade agreement proposed by the US that would have included North and South America. In 2016 ALBA included 11 member countries; Venezuela, Cuba, Bolivia, Nicaragua, Dominica, Ecuador, Antigua and Barbuda, Saint Vincent and the Grenadines, Saint Lucia, Grenada, and the Federation of Saint Kitts and Nevis. ALBA has an internal currency, the source, that has been used since 2010 in a number of trade transactions between its members.

 

Reference: Oxford Press Dictonary of Economics, 5th edt.