Venezuelan Vice President Delcy Rodríguez (left) and China's International Trade Representative Wang Shouwen (right) display the investment protection agreement signed in Caracas on Wednesday, May 22, 2024. Photo: X/@ViceVenezuela.
In order to promote international trade and strengthen investments, an agreement was signed between Venezuela and the People’s Republic of China at the headquarters of the vice presidency of Venezuela in Caracas. Through this agreement, clear rules to regulate investment between both nations were agreed upon.
For the Venezuelan side, executive vice president, Delcy Rodríguez, representing President Nicolas Maduro, signed, and for the Chinese side, international trade representative of the Asian country, Wang Shouwen, signed.
Rodríguez specified that the agreement is the result of the last visit of President Nicolás Maduro to China carried out during the final quarter of 2023.
“This agreement is very important because it will allow the protection, promotion, and flow of investments between China and Venezuela,” said Rodríguez. “It is really an agreement of great relevance for our country so that Chinese companies have a clear regulatory framework in Venezuela but also so that Venezuelan companies improve their investment participation in China.”
Fruitful relationship
The Venezuelan vice president added that Wang Shouwen’s visit has been very fruitful.
“We have also seen that a working group has been created for the fluidity of trade,” added Rodríguez. “We have addressed aspects that have to do with the special economic zones where China is a global authority. We recently had visits by Venezuelan delegations to special economic zones [in China]; this fruitful and important exchange has begun.”
Regarding the business relationship, Rodríguez explained that the sector is being addressed and a committee is set to begin working in the coming days. “We are laying the foundations to promote international trade, to promote and develop the engine of Venezuelan foreign trade [and] non-traditional imports,” said Rodríguez. “We have also reviewed health protocols so that Venezuelan products can be placed in China, [such as] cocoa, pork, avocado , shrimp, coffee. This is good news for Venezuela.”
Vice President Rodriguez said that the relationship between both countries is one of shared benefit and “foolproof.” She added that the new agreement signed is of great importance for the economic development of Venezuela’s productive potential.
The vice president pointed out that “this is the future of relations, a giant that is also part of the BRICS group, where Venezuela must formally join the group this year. This is the route of the new world, of a world without hegemonism, of a world respectful of international law, where international commercial and economic cooperation has new ways, new commercial and financial channels.”
Rodríguez said that the economies of both countries are blocked by hegemonic actions, which merits the construction of new international financial and commercial order. “The message of the only China that there is, and that it has transmitted to the world, is the message of brotherhood among peoples, of cooperation and friendship, based on respect,” she concluded.
Wang: Strategic Alliance
For his part, the international trade representative of the People’s Republic of China, Wang Shouwen, said that in 2023, the presidents of Venezuela and China set the goal of strengthening the strategic alliance between both countries.
He explained that the new agreement is based on “mutual benefit” and seeks to further promote development for “two-way” investments. “The Chinese side will complement all internal procedures and, we hope, so will the Venezuelan side.”
Wang explained that several issues, such as trade, investment, and bilateral mechanisms in the economic field were also addressed, and that he believes these discussions will help further strengthen bilateral relations. He also thanked Venezuelan authorities for their hospitality.
Meeting with President Maduro
The president of Venezuela, Nicolás Maduro, later on Wednesday night, met with the the Chinese delegation led by Wang at Miraflores Palace in Caracas. Alongside the Venezuelan president were the president of PDVSA, Pedro Tellechea, and the Venezuelan Minister for Agriculture Wilmar Castro Soteldo.
China’s official was accompanied by Lin Feng, director general of American and oceanic affairs; Li Yongjun, deputy director general of overseas investment and economic cooperation; SunZhao, division director of the Department of Treaties and Law; WuJing, division director of the Department of American and Oceanic Affairs; Xue Dong, secretary; Zhang Xiaoqing, deputy director of the Division of the Department of American and Oceania Affairs; as well as the Chinese ambassador to Venezuela, Lan Hu.
(Últimas Noticias) by Aura Torrealba with Orinoco Tribune content
Translation: Orinoco Tribune
OT/JRE/SL
