Venezuela entered the Global Alliance for Trade Facilitation, carried out by the World Trade Organization, according to the announcement by the country’s vice president, Delcy Rodríguez.

The official highlighted that the votes in favor of this entry were achieved thanks to “the diplomatic effort led by President Nicolás Maduro. The result of this work was that as of June 11, 2024, the country formally entered into this agreement.”

With this important achievement, the country will benefit from a 14 % reduction in foreign trade management costs. This will result in important relief amid the sanctions that weigh on the nation.

The president, Nicolás Maduro, called on the productive sectors to continue with import substitution and increase exports.

During the announcement, Rodríguez highlighted that the pact “includes 120 countries, including the 27 of the European Union, also including Russia, China, Mexico, Argentina, Cuba and the United States, among others.”

The main objective of the International Trade Facilitation Agreement, which came into force on February 22, 2017, and applies only to the States that comprise it, is “to address obstacles to trade caused by bureaucratic border requirements.”

M.Pino

Source: laprensademonagas

(Reference image source: @CancilleriaVE, X)

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La entrada Venezuela admitted to the Global Alliance for Trade Facilitation apareció primero en Bitfinance.