Colombia and Venezuela evaluate creating a Binational Economic Zone

The objective of the Economic Zone on the border with Colombia is to reduce import and export taxes, as well as promote commercial exchange

The Venezuelan government is evaluating the creation of a Binational Economic Zone on the border with Colombia, in order to balance import and export taxes, announced the Vice President of the Republic, Delcy Rodríguez.

He also indicated that Venezuela has worked to change its rentier model and has experienced positive growth in the production of various products, both for the domestic market and for export.

In turn, he asserted that President Nicolás Maduro considers that the creation of this Binational Economic Zone will strengthen the commercial dynamism between both nations.

The president of the National Federation of Colombian Merchants (Fenalco), Jaime Alberto Cabal, pointed out that the commercial relationship between Venezuela and Colombia has exceeded expectations and new opportunities are opening up to carry out more commercial activities.

The Venezuelan-Colombian Economic Integration Chamber (Cavecol) reported that exports from Venezuela to Colombia increased by 150 % in the first quarter of this year, going from US$16.9 million to 42.2 million dollars compared to the same period of the previous year.

Meanwhile, Venezuelan imports from Colombia increased by 63 %, from 89,000,000 to 145,000,000 dollars for the first quarter of 2023 compared to the previous year.

According to the Colombian National Administrative Department of Statistics (DANE), trade between the two countries in the first quarter of this year reached 187.2 million dollars.

Taken from El Sumario

 (Reference image source: Colombian Presidency, Europa Press / dpa)

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