MercoPress. South Atlantic News Agency

Venezuela and Colombia discuss joint border trade zone

A formal agreement is yet to be signed although both governments seem to be keen on the idea

Venezuelan Foreign Minister Yván Gil met with his Colombian counterpart, Rosa Yolanda Villavicencio, in Bogotá to reinforce bilateral relations between the two South American countries. A key topic was promoting a Binational Economic Zone to boost cross-border trade and the economies of both nations.

This proposal, aimed at fostering joint investments and a more flexible environment, has been consistently championed by Venezuela since 2022, with President Nicolás Maduro proposing it as a “shared development” zone, particularly along the Táchira-Norte de Santander border.

The gathering between Gil and Villavicencio took place on the sidelines of the Hague Group's Special Emergency Ministerial Meeting on Palestine in Bogotá. This gathering brought together countries to analyze legal and diplomatic measures in response to Israel's military actions in Gaza, aiming to coordinate actions to hold Tel Aviv accountable and prevent arms transfers.

“In particular, we emphasized the importance of promoting the Binational Economic Zone in order to boost the economy and cross-border trade between our peoples,” Gil posted on Telegram. He also highlighted Maduro's support.

Maduro sent Colombia's President Gustavo Petro a proposal in this regard back in March this year to establish a “shared development” zone on the border. This plan envisages the creation of bilateral spaces with joint investments in sectors such as agriculture, agribusiness, and tourism, through a “public-private effort.”

Although Petro has shown receptiveness to the idea, a formal agreement has yet to be reached, with speculation suggesting Colombia might be cautious due to potential US sanctions.

During a speech in Tibú, a town on the border with Venezuela, located in Catatumbo, a region affected by guerrilla violence that has left at least 70 dead and more than 55,000 displaced this year, For his part, Petro announced also in March that he would discuss with Maduro the creation of a special economic zone on the border.