Maduro and Petro agree to increase trade between Venezuela and Colombia

Maduro and Petro agree to increase trade between Venezuela and Colombia

The presidents of Venezuela, Nicolás Maduro, and Colombia, Gustavo Petro, signed a bi-national agreement this Thursday on the border between the two countries, aiming to reach the target of $1.8 billion in commercial operations this year.

“Trade is expected to continue its growth trend in 2023, reaching a total trade (of) between USD 1,700 and 1,800 million,” says a joint statement from the Colombian presidency on the meeting, which took place at the Atanasio Girardot International Bridge -known as Tienditas-, which connects the two countries.

With this agreement, both governments are seeking to “promote integration to consolidate development” through agreements “in terms of access to markets and origin of goods”, says the document, which also speaks of “promoting the complementarity of trade in goods through productive diversification”

“We are trying to promote integration, development and joint economic equilibrium, strengthen bilateral trade and advance our relations on the border,” the leaders of both countries said. They stressed that this achievement is added to the recent signing of the Bilateral Investment Protection Agreement. “Our goal is to promote more balanced, complementary trade, development and growth that benefits peoples and their economies,” the presidents stressed.

The signing ceremony was attended by Delcy Rodríguez, the Bolivarian Republic of Venezuela’s Executive Vice President and Minister of Popular Power for Economy, Finance and Foreign Trade, and Colombia’s Minister of Commerce, Industry and Tourism, Germán Umaña Mendoza. Ministers signed Decree No. 001 which formalizes the agreements reached regarding access to markets and rules of origin for goods, as a result of the revision of Agreement No. 28 carried out by both countries.

The update to the trade agreement, in force since 2012, aims to promote complementarity in trade in goods through productive diversification, creating value chains that respond to the new economic realities of both nations.

The ministers specified that the tariff preferences were reviewed and adapted to the commercial realities of the two countries. The tariff review will balance the conditions for commercial exchange to stimulate production chains and achieve economic complementarity.

Some products of the agricultural sector have origin requirements that guarantee a certain degree of transformation of the goods traded between the two countries.

The countries have signed this decision with the aim of deepening the legal framework that will allow integration to be promoted in order to consolidate the development of our sister nations, which should never have been separated.

To strengthen this legal framework, mutual recognition of sanitary requirements has also been carried out with the participation of the Ministries of Agriculture of both countries, health authorities such as ICA and Invima of Colombia and INSAI and the Sanitary Comptroller of Colombia. checks at the border.

These decisions reinforce the institutional nature of binational economic relations, as they are enshrined in the agreements of the Latin American Integration Association ALADI and in the context of the agreements of the World Trade Organization (WTO).

Since September 26, 2022, when cargo passage became possible via the Simón Bolívar and Francisco de Paula Santander bridges, progress has been made on the Norte de Santander border in restoring commercial, economic and diplomatic relations. The opening of the last 1st was added to this. January of the Atanasio Girardot Bridge, known as “Tienditas”, for the transportation of cargo and the passage of people in private and public vehicles.

The governments of Venezuela and Colombia reaffirm their willingness to move forward with regional integration as a means of achieving economic prosperity and social well-being for both peoples.

Source: El Heraldo