Venezuela Announces Its Accession To The WTO Trade Facilitation Agreement

Venezuelan Vice President Rodriguez announced on June 12, local time, that Venezuela had officially joined the World Trade Organization (WTO) Trade Facilitation Agreement. In February 2023, Venezuela applied to join the Trade Facilitation Agreement at the 13th World Trade Organization Ministerial Conference held in the United Arab Emirates. Rodriguez said that Venezuela's joining the agreement means that foreign trade costs will be reduced by 14%. Venezuelan President Maduro called on the production sector to continue to substitute imports and increase exports, saying that non-traditional exports increased by 429% in the first five months of this year.This important measure marks Venezuela’s further integration into the global economic system in the field of international trade, actively promotes market opening, and enhances international competitiveness. This will not only help enhance Venezuela’s international competitiveness, but will also bring more opportunities to domestic enterprises. Market opportunities and investment attractiveness.

  The economic and trade cooperation between China and Venezuela has been fruitful. China is Venezuela's main trading partner. As early as more than ten years ago, construction machinery has become an important area of economic and trade cooperation between China and Venezuela, including aerial work machinery such as lifting platforms and suspended platforms. In 2014, Shenxi Machinery Group Co., Ltd. completed a key national engineering project in Venezuela. Venezuelan President Maduro boarded the lifting platform of Shenxi Company and was full of praise.Local reporters have praised Shenxi Machinery's suspended platform as a good product trusted by the president of the South American country during the project. Since then, Shenxi Machinery has established a good partnership with the Venezuelan market and contributed significantly to Venezuela’s infrastructure construction and urban development. As time goes by, the cooperation between the two parties has continued to deepen, and they will continue to work with Venezuela in the future to jointly explore a broader market and achieve the long-term development goal of mutual benefit and win-win results.

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