The release said Fairtrade Labelling Organizations International (FLO), the standards and certification wing of the Fairtrade movement has collaborated with the ARM for the successful completion of the certification program. Through the new standard, gold products including jewellery, coins and religious artefacts will be essentially certified and labelled with the FAIRTRADE and FAIRMINED (F&F) marks.

The F&F marked gold products are hoped to emancipate the A&S miners from the ugly grip of middlemen who deprive them of obtaining proper value for their merchandise. The brand is believed to provide an opportunity for consumers to indirectly involve in a social cause without shelling out anything extra. The proceeds of the organized and increased market access are also understood to radically change the mining methods.

Surprisingly, the A&S miners annually produce just 15 percent of global gold supplies, but their labour effort constitutes 90 percent of gold extraction. Harriet Lamb, Executive Director of the Fairtrade said many in the trade were exploited by the middle men who pay below market prices and cheated them on weight and purity of the gold content. He added the F&F standards were an important development tool, and would complement other development interventions such as access to basic amenities to the communities.

Similarly, Cristina Echavarria, the ARM´s Executive Director, said the F&F program was providing a win-win platform for both A&S miners through their workmanships and consumers with their jewellery purchases. The program also promotes ethical consumer habits by making them aware of what they buy and how the proceeds of the same are utilized.

The F&F gold will be initially launched in the UK and then rolled out to other countries with a long term vision of capturing 5 percent of the gold jewellery market over a 15-year period, totalling 15 tonnes of the F&F gold annually. The standard was piloted by the ARM with nine legally established mining producer organizations in Bolivia, Colombia, Ecuador and Peru, and now applications are open to all A&S gold mining organizations in Latin America. More producer organizations from Latin America are expected to join the system by 2011 and beyond, and from 2010 the ARM plans to establish a network of pilot projects in Africa, and subsequently in Asia.

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Chavez during a political rally on Saturday apprised that the leaders would meet on Monday in Caracas to further shape an extraordinary project” on a currency that will “break the dependency on the dollar, its economic and financial colonialism.

The currency called Sucre was named after Jose Antonio de Sucre who fought for independence from Spain alongside the Venezuelan hero Simon Bolivar in the early 19th century. The currency is expected to initially function as an electronic instrument before it is made to a paper format.

The Sucre is likely to be in circulation as the ECU, which was a forerunner to the euro. Then, the ECU was operational as an account unit managing the stable exchange rates between member states before the national currencies were assimilated to the euro.

Since the signing of MOU on the Latin American currency last year, Chavez has repeatedly urged his member states to cut down foreign reserves in the form of the US dollars. Most South American countries stored their reserves in the US dollars, and for the past several years the socialist states of the region wanted to detach them from the US domination in regional trade. The growing influence of China in the region has also compels the left countries seeking new ways to store cash.

The ALBA comprises of Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Honduras, Dominica, Saint Vincent and the Grenadines, and Antigua and Barbuda. The ALBA was founded in 2004 by Venezuela and Cuba as a counterweight to the Free Trade Area of the Americas that the US and some Latin American nations were proposing at the time.

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