Saturday, January 28, 2023

Colombia and Venezuela agree to protect their investments and advance in the normalization of their relationship

Colombia and Venezuela have made progress in the “normalization” of their bilateral relations and have given “a new impetus” to their economic integration through an agreement to provide protection and legal certainty to their investments, in addition to reviewing the existing tariff policy for the goods of both countries.

This was announced by the different authorities of both countries, after a meeting attended by the Colombian Minister of Commerce, Industry and Tourism, Germán Umaña, and, on behalf of Venezuela, the executive vice president, Delcy Rodríguez, and the minister for Agriculture and Land, Wilmar Castro.

“Venezuela and Colombia are advancing in the strengthening and normalization of their commercial relations. We have completed the negotiations for the investment protection agreement and we are advancing in the revision of the bilateral trade regulation instrument for the benefit of our peoples”, Rodríguez expressed through his Twitter account, where he also shared the statement sent by both countries.

Through this meeting, Colombia and Venezuela have pledged to “reciprocally” protect investments in all productive sectors of both economies, this being an “unprecedented” agreement in their bilateral relationship.

In addition, progress has been made in the review of the agreement that regulates the bilateral trade of goods, which addresses access to certain markets, reviewing tariff preferences with the aim of “balancing” the conditions of trade and “strengthening” complementarity. economy between the two states.

Likewise, to strengthen this legal framework, work has also been carried out on mutual recognition of sanitary requirements to strengthen border controls in this area.

“GENERATE CERTAINTY”
In the statement issued by both countries, the ministers have indicated that this agreement, after several months of work, allows generating certainty and “laying firm foundations” for the development of investments. “We seek to promote joint development and balance, strengthening trade and promoting our relations at the border,” the senior officials have stated.

The objective since the president of Colombia, Gustavo Petro, took office last August has been to bet on a “more balanced” trade and a development and growth “that benefits both countries.”

Since September 26 of last year, the passage for transport over the Simón Bolívar and Francisco de Paula Santander bridges, on the border with Norte de Santander, was enabled in order to advance in the reestablishment of political, diplomatic, social relations and trade with Venezuela.

To this was added the opening on January 1 of the Atanasio Girardot bridge, known as ‘Tienditas’, for the passage of cargo vehicles and private vehicles.

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