¡¡¡¡CARACAS, Oct. 6 (Xinhuanet) -- A total of 24 countries have expressed support for Venezuela's proposal to create a fund in the Free Trade Area of the Americas (FTAA) to cope with adjustments in national economies, reports from Port of Spain, capital of Trinidad and Tobago, said on Monday.

¡¡¡¡The reports quoted Venezuelan negotiator at the FTAA trade negotiations committee, Victor Alvarez, as saying the Structural Convergence Fund had received support from 24 countries.

¡¡¡¡Among them were four members of the South American Common Market (Mercosur), 14 members of the Caribbean Community and Common Market (CARICOM), several members of the Andean Community (Ancom), plus Panama and the Dominican Republic, said Alvarez.

¡¡¡¡He explained that the fund would aim at strengthening institutional capacities, improving competitiveness, responding asadjustment came in trade liberalization and achieving balanced social and economic development among the participants.

¡¡¡¡The fund would make promoting economic growth the ultimate mission of the FTAA members.

¡¡¡¡Alvarez added that the proposal was contained in a ministerial declaration which will illustrate the role and goals of the fund.

¡¡¡¡Initiated by a US-sponsored proposal at the First Summit of theAmericas in Miami, Florida, in 1994, the FTAA aims to eliminate trade barriers among 34 nations on the American continent. If finalized, the FTAA will become the world's largest free trade zone with 784 million potential consumers, stretching from Alaska,the United States, to Argentina. Enditem