Venezuela enters WTO Trade Facilitation Agreement-Xinhua

Venezuela enters WTO Trade Facilitation Agreement

Source: Xinhua

Editor: huaxia

2024-06-13 09:41:15

CARACAS, June 12 (Xinhua) -- Venezuela has entered the World Trade Organization (WTO) International Trade Facilitation Agreement, which leads to reduced costs in the nation's trade transactions, said Vice President Delcy Rodriguez on Wednesday.

"Despite the resistance of ... the United States and some satellite countries, the WTO has just formally announced that Venezuela is entering the International Trade Facilitation Agreement," Rodriguez said at an event led by President Nicolas Maduro in southwest Apure state.

Venezuela's entry into the agreement "means a 14-percent reduction in foreign trade costs," she said.

Meanwhile, Maduro called on the productive sectors to continue import substitution programs and increase exports, and said non-traditional exports jumped 429 percent in the first five months of 2024.

Entering the agreement offers some financial relief amid the unilateral sanctions imposed on Venezuela over almost a decade.

Venezuela applied to join the Trade Facilitation Agreement at the 13th WTO Ministerial Conference held in February in the United Arab Emirates.