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SUCRE real alternative to trade in Mercosur

Friday, 17th January 2014.- The Chamber of Commerce and Entrepreneurs of Mercosur and Latin proposes that the "sucre" becomes payment instrument to negotiate with Mercosur member countries.

 

Explains Lenny Ramos, National President of the Chamber of Commerce and Entrepreneurs of Mercosur and the Americas, chapter Venezuela that as one of the best and most efficient ways to combat the instability of the international monetary market and the disadvantages that arise for acquiring foreign exchange (USD), it has become the Unitary System Regional Payments (SUCRE).

 

Since the proposal for its creation on November 26th, 2008 in the city of Caracas during the framework of the summit of the Bolivarian Alliance for the People of our America - Trade Treaty of the People (ALBA - TCP), the SUCRE arises as a platform that serves to strengthen the exchange of goods and services as well as the integration of the fraternal countries of Latin America and the Caribbean.

 

In this sense, Ramos explained that this initiative allows Latin America countries begin to free ourselves from economic dependence that we have on the dollar and of the influence that now is putting the euro in our domestic economies.

 

It also explains Lenny Ramos that this type of payment system is not an innovation or improvisation, since 1979 the European Union creates the unit of account of the European Monetary System, called ECU (European Currency Unit, in Spanish Unidad Monetaria Europea) , which created the conditions for 20 years after the emergence of the euro as a currency that comes to consolidate and strengthen the economies of European countries in the union.

 

In this case we have underestimated the potential of the SUCRE, diverting attention to the acquisition of American currencies as the sole source of payment, enabling the same way a lack of control in the delivery of them to shell companies that used such currencies to sell them on the black market, without leaving any added value to the country and thus stimulating the demand of this currency, which together with other factors have led us to our current economic situation.

 

Emphasized Ramos it is very important to note that since January 27th, 2010, the date on which it enters in vigor and the Regional Monetary Council of SUCRE is installed, approving an issuance of 152 million "sucres", there has been a breakthrough increasing in volume of transactions and amount thereof.

 

To confirm this, Ramos made reference to official information provided in the reports of the Regional Monetary Council of SUCRE, in which it can be detailed that in 2010, which was the first year, the system was able to reach only 6 operations for a XSU value of 10,107,642 ("sucres"), equivalent to USD 12,634,553. At the end of 2011, there were traded 431 transactions through the payment system for an amount of 216,131,679 XSU ("sucres"), equivalent to USD 270,328,708. In 2012, representing an increment in the operations, reaching 2,647, representing an increase of 513.9% compared to 2011. The volume traded in 2012 stood at 852,066,603.84 XSU ("sucres"), equivalent to USD 1,065,850,114.74. For the month of August 2013 commercial operations have reached 750 million "sucres", that means about $ 850 million.

 

Currently, to made transactions with the SUCRE is relatively easy, since the procedure for import or export activities basically develops in the same manner we know and payments are made in the currency of the country that receives, the dollar is used only as a reference, as the exchange rate has a value equal to USD 1.2509 per unit XSU ("sucres").

 

Lenny Ramos explained that among the benefits offered by the SUCRE we have: access to a market of about 68 million. It allows the use of local currency to pay for imports. It reduces the costs of currency conversion for small and medium enterprises and business associations. It optimizes administrative procedures for international payments. It reduces other transaction costs caused by asymmetric information. It facilitates the expeditious settlement of its obligations. Reduces the difference between the value date applied to acquisitions and disposals of foreign exchange.

Maximizes the cash flow treasury of the company. diversified supply of goods and services. Reduction in import costs. Lower prices for consumers.

Concludes Ramos reflecting that if Mercosur was created with the fundamental scoop to strengthen and expand internal domestic markets of the countries of Latin America, the SUCRE would be the tool of greatest strength in which they should base this block to achieving the goals with the speed and efficiency needed, as we can see as the big economic blocs like the European Union are looking every day more closer to Mercosur and if we have a true unification of our internal payment marketing mechanisms with other continents could improve, taking advantage of each member country of the Southern Common Market potential. For this reason one of our proposals before the next presidential summit of Mercosur is that this payment system should be incorporated in this regional bloc.

Source: www.ctene.org

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Address: Av. Tamanaco de la Urbanización El Rosal,

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Phone:  Master (+058) 212-9528618  / Fax: (+058) 212-9528618

Contact: contacto@sucrealba.org

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