Hundreds of Venezuelan and Colombian businessmen agree to resume trade and investment relations

During the second bi-national meeting of Colombian and Venezuelan businessmen called “Border Agreement”, both countries’ productive and commercial sectors agreed to restore their productive investment and trade relations.

After several hours of dialogue in the Colombian border city of Cúcuta, the event’s conclusions were announced this evening, including holding business meetings “that provide insight into areas of economic, productive and industrial complementarity, as well as market opportunities and needs in both countries.”

The more than 300 businessmen also agreed to “seek regulatory proposals that will help consolidate binational integration in institutional, legal, tax and international agreements.”

These proposals include the agreements on international road transport of goods and passengers, the resumption of regional and domestic air transit for cargo and passengers, and updating the partial scope trade agreement in force between the two countries.

To strengthen bi-national economic integration through joint work, participants also want to “identify sectors of economic complementarity that are compatible with sustainable development goals in areas such as education, health, tourism, and energy transition.”

Among other things, it is envisaged that the businessmen will promote “the free movement of goods, private vehicles, and pedestrians at all border crossings, as well as the simplification of administrative procedures, customs, and transport processes.”

Finally, the business sectors of both countries will coordinate with institutions responsible for foreign trade “to make customs, regulatory and technical procedures more fluid to reduce time and costs in the clearance of goods.”