Yesterday, a partial bilateral agreement concerning trade was signed by Venezuelan Foreign Minister Nicolás Maduro and Colombian Foreign Minister María Holguín.

The agreement establishes a new model for commercial relations between the countries, and includes annexes on Preferential Trade Agreement, Sanitary Norms, Technical Norms, Rules of Origin, Trade Protection and the Mechanism for the Settlement of Disputes.

The signing of the document took place during the Sixth Summit of the Americas held over the weekend in the city of Cartagena, Colombia.

It was already approved in Caracas last November 28 and by Colombian President Juan Manuel Santos and Venezuelan President Hugo Chávez.

The Colombian Minister for Commerce, Trade and Tourism, Sergio Díaz Granados, ensured that the agreement establishes a legal framework that will regulate the trade in goods between the countries. He added that it also consolidates a new phase in their relationship and is expected to make trade more dynamic.

Telesur / Press – Venezuelan Embassy to the U.S. / April 16, 2012