ALBA member countries support nationalizations

The member countries of the Bolivarian Alliance for the Peoples of Our America agreed last Sunday in Caracas "to strengthen the role of the State as a central player in the economy."

The Agreement to establish the Economic Space of ALBA, a document that was obtained by El Universal, says in Article 1, section 6, that the Peoples' Trade Agreement "supports the nationalization and recovery of companies and natural resources to which the peoples are entitled, by establishing legal defense mechanisms for the same."

It also said that "foreign investors may not sue National States or Governments because they develop public interest policies."

The ALBA legal instrument does not require its members to be democratic governments. It supports "sovereign trade without constraints or interference in internal affairs."