It is reported that Ecuadoran and Venezuelan officials created a series of bi national companies to produce automobile lubricant and food, and progressed on plans for joint oil and gas exploration, in what the leaders called a step forward for continental integration.

Mr Rafael Correa President of Ecuador and Mr Hugo Chavez President of Venezuela headed the summit in Caracas, where they discussed joint projects in energy, agriculture, communications, science, mining, culture, and commerce. It was their seventh such meeting since regular meetings began in 2007.

The two countries announced the creation of joint companies to produce a new brand of automobile lubricant, fish, and cacao. A new binational mining company was created, which will initially explore for gold, phosphates, and emeralds in Ecuador. They also smoothed out the framework for an Ecuador Venezuela Development Fund, to be operated by and for both countries.

Mr Correa announced that Venezuela had agreed to trade its oil derivatives for Ecuador's crude oil, saving refinery deficient Ecuador as much as USD 300 million in costly imports. He added that the deal was an example of the solidarity and brotherhood of the Bolivarian Revolution with the peoples of the world.

Mr Chavez said that the deals were part of a new model of integration marked by cooperation among nations and freedom from US imperialism. Venezuela and Ecuador are among the eight members of the trade bloc ALBA, which stands for Bolivarian Alliance for the People of our Americas and is an alternative to US dominated free trade.

(Sourced from www.venezuelanalysis.com)