Venezuela, Colombia to establish bilateral trade rules

Colombia s Minister of Commerce, Industry and Tourism Sergio Díaz-Granados explained that they will complete revision of the annexes to the agreements signed in Caracas by Presidents Hugo Chávez and Juan Manuel Santos last November.

Colombian and Venezuelan delegates are meeting on January 12-13 in Bogotá to refine the legal framework regulating bilateral trade, stated on Wednesday Colombian Minister of Commerce, Industry and Tourism Sergio Díaz-Granados.

Delegates will complete revision of the annexes to the framework agreement signed by Colombian President Juan Manuel Santos and his Venezuelan counterpart Hugo Chávez, during Santos' visit to Caracas last November, according to AFP.

Said agreement provides for continued bilateral free trade of some 4,200 items, explained the minister.

During their meeting last November, Chávez and Santos put the Venezuela-Colombia crisis behind and signed a partial scope agreement that had been negotiated within the framework of the Latin American Integration Association (Aladi).

This pact is expected to result in the lifting of "the tariff barriers on those products that can make an impact on trade volume," expressed the Colombian president last year.

Santos and Chávez reestablished diplomatic links between their countries in August 2.010, when the former took power. 

Since then, both presidents have had a friendly relationship focused on boosting trade, development in the border area and the fight against drug trafficking.