Colombia, Venezuela Reach Joint Investment Protection Agreement with ‘Clear Rules’

The countries also made progress in revising the terms of a 2012 trade pact

Nicolas Maduro, Venezuela's president, right, and Gustavo Petro, Colombia's president, left, shake hands at Miraflores Palace in Caracas, Venezuela, on Saturday, Jan. 7, 2023.
By Scott Squires
January 21, 2023 | 05:59 PM

Bloomberg — Colombia and Venezuela reached an agreement to strengthen investment protections between the two nations, the latest accord to cement warmer trade relations between the South American neighbors.

The agreement is the culmination of talks that sought to “promote joint development” and establish “clear rules” for investment and bilateral commerce between the two nations, according to a statement posted on Twitter by Venezuela Vice President Delcy Rodriguez.

The countries also made progress in revising the terms of a 2012 trade pact, Rodriguez said. The agreement will be sent to the presidents of both nations for their signatures, according to the statement.

“Venezuela and Colombia are moving forward in strengthening and normalizing commercial ties,” Rodriguez wrote.

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The accord further deepens renewed ties between Colombia and Venezuela, which re-established diplomatic relations in late 2022 after Colombia’s President Gustavo Petro took office.

Earlier this month, Petro and Venezuela’s President Nicolas Maduro announced an agreement to bolster border trade, making it easier for goods and people to cross. In that meeting, the leaders also said they would create a commission to connect the Caribbean Sea and Colombia’s Pacific Coast.