During the 51st Regular Meeting of the Latin American Council of SELA, the Minister of Foreign Affairs of Venezuela, Yván Gil, reaffirmed the importance of the organisation as a strategic space for cooperation and economic integration in Latin America and the Caribbean.

In his speech, the Venezuelan Foreign Minister pointed out that, for Venezuela, “SELA is an extremely important forum for contributing to the creation of the region’s economic, commercial and productive system.” He also stated: “SELA is one of the most solid organisations; it is an honour for us to have them in Caracas, accompanying us in this work.”

“In the times we are currently living in, a series of extremely important challenges are emerging for this system. SELA has the reputation of bringing together most of the leading economic thinkers to address the various crises that our region may face (…) we are convinced that there is no other way to address the challenges of international geopolitics than through unity, and SELA plays an important role in this endeavour,” explained the Venezuelan Foreign Minister.

The Minister of Foreign Affairs also greeted and congratulated SELA for “having successfully charted a course and serving as fundamental architecture” in the region and urged all members of the organisation to build “true economic integration for the region” as the “only alternative” for development.

Venezuela was a key driver in the creation of SELA in 1975, and throughout its half-century of existence, it has hosted the organisation’s headquarters, becoming an important player in promoting economic cooperation in Latin America and the Caribbean.

The Latin American Council is SELA’s highest authority and is composed of one representative from each Member State. Its powers include considering, evaluating and approving: the work programme for the following year; the annual report presented by the Permanent Secretariat; the budget and financial statements of the mechanism; and examining the activities of the Secretariat and the Action Committees.

After 50 years of uninterrupted work, the Latin American and Caribbean Economic System (SELA) has become a leading regional organisation, carrying out permanent consultation and coordination, cooperation and joint economic and social promotion work, with international legal personality, before countries, groups of nations, forums and international organisations.

During the 51st Regular Meeting of the Latin American Council, held on Wednesday 10 and Thursday 11 December, SELA reiterated that it is essential to work towards the integration of the region through intra-regional cooperation in order to advance towards economic recovery and the development of the peoples of Latin America and the Caribbean.