Venezuela formally enters into WTO International Trade Facilitation Agreement

2024-06-13 05:20:59

(MENAFN) Venezuela has marked a significant milestone by formally entering into the International Trade Facilitation Agreement of the World Trade Organization (WTO), Vice President Delcy Rodriguez announced during a ceremony led by President Nicolas Maduro in Apure state. Despite opposition from the United States and its allies, Rodriguez underscored that the WTO has officially ratified Venezuela's accession, which is expected to lead to a substantial 14 percent reduction in the costs associated with the nation's international trade transactions.

President Maduro, addressing attendees at the event, called upon Venezuela's productive sectors to intensify efforts in import substitution programs and to capitalize on the remarkable 429 percent surge in non-traditional exports recorded in the first five months of 2024. This growth highlights Venezuela's potential to diversify its export base and reduce dependency on traditional commodities.

Venezuela's decision to join the Trade Facilitation Agreement is seen as a strategic maneuver aimed at alleviating the economic strains exacerbated by unilateral sanctions imposed over nearly a decade. The application process culminated during the 13th WTO Ministerial Conference held in February in the United Arab Emirates, reflecting Venezuela's proactive stance in engaging with international trade frameworks to bolster its economic resilience and promote smoother trade procedures.

The entry into this WTO agreement signifies Venezuela's commitment to streamlining its trade operations and enhancing efficiency, despite ongoing geopolitical challenges. It positions Venezuela to benefit from reduced administrative burdens, improved customs procedures, and enhanced transparency in international trade dealings. As Venezuela moves forward with these initiatives, it seeks to strengthen its economic foundation and foster sustainable growth amidst global economic uncertainties.

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