In a deal inked Saturday in Havana, Bolivia's newly elected leftist President Evo Morales joined the Bolivarian Alternative of the Americas (ALBA), as an alternative to the Washington-backed Free Trade Agreement of the Americas (FTAA).
Cuban leader Fidel Castro and Venezuelan President Hugo Chavez forged ALBA last year, though the overwhelming majority of countries in the western hemisphere support the FTAA.
The three countries now signed to the alternative trade deal would eliminate tariffs and import duties, promote investment and advance technical and educational cooperation.
For example, Bolivia would now be able to sell its entire soya production tariff-free to Cuba and Venezuela. In a form of barter, Venezuela will pay in oil, while Cuba will provide medical professionals and teachers.
Impoverished Bolivia has previously sold a large part of its soya crop to neighbouring Colombia, which would be able to buy cheaper soybeans from the United States if it eventually signs a free-trade deal with Washington.
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