EmerioBanque

Colombia Signed Deal With Venezuela To Improve Trade

As per the latest news, Colombia and Venezuela entered into an agreement to restore trade between these two nations and lift import duties on dozens of manufactured goods during a ceremony on a border bridge. The agreement is signed by both Colombia's President Gustavo Petro and Venezuela's President Nicolas Maduro.

Maduro stated at the event, “The arrangement provides details on everything related to tariffs, good trade, as well as establishes the groundworks for a new dynamic, for the development of trade between Colombia and Venezuela.”

Diplomatic & trade relations started as course of normalization in September 2022 after Petro was introduced in Bogota last August after pledging during his mission to normalize diplomatic arrangements with the government in Caracas.

Recommended Read: UN Raises Global Economic Outlook To 5.4% Growth In 2021

Petro stated, “We need to fill these extensions with improved trade. There is lots of work still remaining to execute because it is not a question of whether these extensions will be filled with trade but instead, they are filled with people.”

The Colombian leader stated that the 2200 kilometer (1,367-mile) border between these two nations had long fallen under the control of “mafia groups, who, submerged in struggle and unlawful economies, made (the border) their domain.”

In January, Petro headed out to Caracas to meet Maduro and discuss conducting trade alongside harmony talks between Petro's administration and the National Liberation Army (ELN) rebel group.

Venezuela acts as a guarantor of the harmony talks with the ELN and the first round of updated negotiations between Colombia and the rebel group occurred in Caracas last year.

In the present, Venezuela's National Assembly, which is administered by the ruling Socialist Party, approved the appointment of former general Carlos Eduardo Martinez as the Caribbean nation’s ambassador to Colombia.

Caracas ended relations with Bogota in 2019 after Venezuelan opposition endeavors initiated to send aid trucks from Colombia. Maduro's government stated that it was a front for an attempted coup. 

Additionally, previous legal authorities in Bogota have blamed Maduro of protecting Colombian rebel groups, and criminals, accusations denied by him.

Source: 

https://www.reuters.com/world/americas/colombia-venezuela-sign-deal-revive-trade-2023-02-16/





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

20 Mar

How Trade Finance Instruments Help My Business Grow?

The sound availability of finance is vital for the smooth operations of business activities. Organiz...

13 Mar

Common Mistakes To Avoid While Writing A Letter Of Credit

More & more importers-exporters endeavor to expand their business globally to better profits, gr...

10 Mar

Structured Trade Finance - What Does It Mean?

When it comes to financing a transaction, there are a variety of financial instruments available in ...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.