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Trade ties between Colombia and Venezuela show an increasing pace

Bogotá, Mar 26 (Prensa Latina) Eighteen months after the reopening of the border between Colombia and Venezuela, commercial relations between both countries are experiencing a growth.

In 2023, for example, bilateral trade (exports plus imports) reached 791 million dollars, which means an increase of close to nine percent compared to 2022, when it reached 728.4 million, according to figures released by the Ministry of Commerce, Industry and Tourism (MINCIT) of Colombia.

Although businessmen and authorities of the two nations recognize that there is still much potential to be exploited, last year’s result shows a rise, compared to 2019, when trade barely reached 237 million dollars.

The willingness of Gustavo Petro’s Government to strengthen relations with Caracas has had an impact not only on the sustained rise of economic figures but also on the well-being of the people settled in border towns.

This was expressed by the Colombian Vice Minister of Foreign Trade, Luis Quintero, who described as “substantial” the improvements in the social indicators of the territories, particularly in poverty and unemployment rates, which have decreased in neighboring cities such as Cúcuta, for example.”

The Minister of the MINCIT, Germán Umaña, also celebrated the increase in commercial flow, which he attributed in part to the deepening of the Partial Scope Trade Agreement existing between the two States. However, he noted that relationships can grow even more and, therefore, work is being done “to promote the construction of supply chains, which allow us to take advantage of economic complementarities.”

Umaña explained that an Investment Protection Agreement with Venezuela was also negotiated, while events such as the Binational Macrorrueda were being designed.