Business actors carry out conversations with multilateral organizations to devise a compensation mechanism that will reduce the doubts of Colombian businessmen. Fedecámaras will participate in an Assembly organized by the Colombian-Venezuelan Chamber to propose proposals that promote binational trade
The talks between business associations in Colombia and Venezuela continue to create a favorable environment for investment between the two countries, taking advantage of the commercial reopening that began in September 2022 after seven years of distance.
According to the president of Fedecámaras, Carlos Fernández, the current step in the process is the establishment of a payment mechanism that connects both financial systems, since Venezuela is excluded from the international banking system due to the sanctions.
For Colombian companies, negotiating with Venezuela continues to be a risk due to the fear that US sanctions will end up hitting them, which is why talks are being held with multilateral organizations in search of a solution to this dilemma.
«A payment mechanism has not been developed for the sanctioning issue. We are working on some formulas with multilateral entities to develop a compensation mechanism between the two countries. Hopefully we can convince them and that this compensation mechanism decreases concern about sanctions,” Fernández said in an interview for Union Radio.
Next week there will be an assembly organized by the Colombian-Venezuelan Chamber, in which Venezuelan business actors will participate —among them Fedecámaras— to discuss the proposals that are on the table and move forward with the current conditions.
The union leader did not offer details about the multilateral organizations that would cooperate with this rapprochement, but he celebrated the political will that the administrations of Nicolás Maduro and Gustavo Petro have shown to make commercial reactivation possible.
In this sense, he affirmed that important progress was made with the signing of a reform of the Partial Scope Agreement of a Commercial Nature No. 28 agreed last month between the presidents of Venezuela and Colombia, but there is still a long way to go since conditions continue to be favorable for the Colombian company.
“There was a restructuring of agreement 28 that governs trade with Colombia, but the agreement continues to be very favorable for binational trade. There has been a very important advance, but it is still a bit favorable for Colombia. A next review will be done in June », he detailed.
The businessman insisted on the need to deepen complementarity studies and see in which sectors competitiveness has developed in Venezuela, which are the new value chains that can be promoted to export to Colombia.
On the other hand, he clarified that the expectations and projections made by businessmen have been fulfilled in these six months of border reopening, with a moderate formalization of binational economic activity, but far from the unsupported expectations shared by some actors, promising levels unrealistic trading
«The milestones have been met, there is a progressive formalization, although there are not the volumes that many people handled without foundation. Everything continues within our and Colombia’s estimates,” he said.
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