As reported in the BBC:
Latin American and Caribbean nations have agreed to set up a new regional body without the US and Canada. The new bloc would be an alternative to the Organisation of American States (OAS), the main forum for regional affairs in the past 50 years.
The new bloc is called Community of Latin American and Caribbean States. It joins a number of new regional bodies in Latin America which have recently been developed including the Bolivarian Alliance for the Peoples of Our America (ALBA), Petrocaribe S.A., and the Union of South American Nations, all of which have been promoting regional integration. A regional currency similar to the EURO, called the SUCRE is also being planned.
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