APALCI Member Countries Meet To Address Inflation In LAC

The Alliance of Latin American and Caribbean Countries against Inflation (APALCI) agreed this Wednesday to jointly address inflation in the region marked by high prices of basic consumption products.

The heads of state and prime ministers of the eleven countries making up the Alliance "met on April 5, 2023 at the initiative of Mexico to find joint solutions to price pressures and shortages in the region, as well as to strengthen regional integration and trade," reads the Presidential Declaration.

APALCI's member countries are: Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Cuba, Honduras, Mexico, Venezuela and St. Vincent and the Grenadines.

The document stresses that in the midst of an "adverse international context" it is necessary "a fairer, more democratic, inclusive and supportive international financial system."

The declaration states the region's interest in "accessing the necessary financial resources and improving external debt conditions in order to promote economic recovery to guarantee the food and nutritional security of our peoples."

According to the Presidential Declaration issued by the Presidency of the Republic of Mexico, the following agreements were reached:

1. "To advance in the definition of commercial financial facilities, as well as logistics"... therefore "the exchange of products of the basic food basket and intermediate goods is carried out under better conditions, with the priority of lowering the costs of such products for the poorest and most vulnerable population."

2. Create a Technical Working Group composed of representatives of the governments of each country to determine regional cooperation...

3. The Technical Working Group will be empowered to establish a plan of action to implement, within a reasonable time frame, the adoption of trade facilitation measures...

4. The Technical Working Group shall conduct a feasibility analysis and actions that will result in a more agile and effective access to basic consumer products and inputs through the advancement of improved logistical conditions...

5. The aforementioned Group will recommend the adoption of measures to improve the efficiency of the entry and exit of products through ports and borders, as well as the exchange of intermediate inputs, machinery and technology for the benefit of agricultural productivity...

6. Promote measures to facilitate access to international credit and increase multilateral financing for agricultural, agro-industrial and infrastructure projects for the transportation of goods.

7. Coordinate efforts with producers, buyers, transporters and logistics operators of the private sector and other economic actors to follow up on the agreements of this Summit and its results.

8. To continue the work within the framework of the commitment established during the VII Summit of the Community of Latin American and Caribbean States (CELAC), held on January 24, 2023 in Argentina...

9. To extend the invitation to the other countries of the region to join this initiative, in order to contribute to the integral well-being of Latin America and the Caribbean.

It was also agreed to hold a meeting with the business sector in Cancun. "We welcome the upcoming meeting between business sectors, including family and peasant agriculture organizations, and high-level authorities of the countries participating in this Summit, on May 6 and 7 in Cancun, Mexico."