Should there be a Nato of the South?

The leaders of Libya and Venezuela have called on Africa and South America to create a new alliance to counter Western dominance. What do you think this alliance would achieve?

President Chavez called on the two continents to unite to secure prosperity for future generations, while Libya's Muammar Gaddafi proposed a defence alliance of South American and African nations, calling it "a Nato of the South".

The leaders were speaking at the second South-America-Africa (ASA) summit held in Venezuela where both Col Gaddafi and President Chavez said they wanted to redress the balance of power in the world.