Venezuela’s formal entry into the Common Market of the South (Mercosur) yesterday will change the dynamics of the trade bloc, increase Venezuela’s economic possibilities, and is a step towards greater regional integration, the presidents of Brazil, Argentina, Venezuela, and Uruguay argued.
On Wednesday Venezuelan President Hugo Chavez signed a long-term agreement with the Chinese Development Bank aimed at financing some 137 development projects planned for the 2013 – 2030 period.
Trade between China and Venezuela has increased by 50 times in the last decade, which has transformed the Asian country into the second largest trade partner of Venezuela, a fact evidenced by the consolidation of bilateral relations.
Brazilian Foreign Minister Antonio Patriota on Monday met with his Venezuelan counterpart Nicolas Maduro to advance their countries’ bilateral projects. The meeting was the first between the two countries since Dilma Rousseff became president of Brazil on 1 January 2011.
Trade between Venezuela and the United States decreased by more than half in the first semester of this year. Meanwhile, Venezuela continued to diversify its trading partners in South America and abroad, most recently through a series of bilateral accords with Brazil, while Russia increased its investments in the Orinoco Oil Belt fivefold.
