Maduro reiterates the proposal to create a Colombian-Venezuelan commercial zone

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The president of Venezuela, Nicolás Maduro, reiterated on Friday his proposal to create a binational commercial zone with total commercial freedom between the border territories formed by the department of Norte de Santander (BME:SAINT), in the Andean country, and the state of Táchira, in the Caribbean nation.

“In the economic field, we have to think big, think about what has been a proposal for the construction of a binational zone of free trade, free investment, joint development between Norte de Santander and the state of Táchira. That is pending,” he said after signing an agreement with the Colombian government to promote bilateral investments.

In the opinion of the head of state, “everyone wants” that this bilateral trade zone be built, which will represent “a fundamental element for the growth of investments, trade, and the growth of economic activities between the two countries.”

“All the historical, technological, economic, infrastructure conditions are given. Let’s think big,” Maduro said.

This proposal was first announced by the president last August, when both countries resumed their diplomatic relations, broken since 2019, after the arrival to power in the Andean nation of Gustavo Petro.

Then, Maduro spoke of “a special economic area” that will serve as a test and that, later, could be replicated in other Venezuelan states bordering the coffee country.

Both governments signed this Friday, in Caracas, an agreement for the “promotion and reciprocal protection of investments” that seeks to establish, maintain and consolidate “a legal framework that facilitates and promotes” these operations, according to a joint statement.

The process of resuming relations deepened with the reopening of the border in September, after seven years closed to vehicular passage, and with the reactivation of the air connection in November.

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