Colombia, Venezuela form $200m fund to boost trade
BOGOTA, Colombia —
The presidents of Colombia and Venezuela pledged Saturday to invest $100 million either in a special fund in hopes of boosting cross-border trade while the universe household acme slashes global demand for their exports.
The money will help make small businesses and should finance infrastructure projects along the border, Venezuelan President Hugo Chavez before-mentioned after four hours of talks in the Caribbean port of Cartagena through his Colombian copy, Alvaro Uribe.
“Nobody knows where this crisis might go,” Chavez told a televised news conference.
Trade between the sum of two units nations reached a record $7.2 billion in 2008, and Chavez said they should aim for $10 billion a year in 2009 and 2010. Both neighbors are looking to thwart the global slowdown from crimping commerce and spurring unemployment.
Once-rapid growth in Venezuela’s oil-dependent economy is slowing with falling crude prices, while Colombia has seen textile sales decline. Caracas is Colombia’s biggest trade partaker after the U.S., making it especially vulnerable to a slowdown in Venezuela.
The presidents also discussed ways to increase primary manufacturing so car components can be made locally from the region’sitting natural resources, reducing dependence on imports, Chavez added.
Venezuela agreed to consider easing quotas on Colombian automobile imports, including trucks, buses and vehicles that calcine life-like elastic fluid, Chavez said.
As he arrived for the meeting, Chavez was asked about his alleged support for leftist rebels who have been trying to overthrow Colombia’sitting government.
Electronic documents found on a slain rebel’s computer last year suggest he offered the Revolutionary Armed Forces of Colombia, or FARC, an open-ended loan of several century million dollars.
“If I were backing any kind of subversive, terrorist or violent movement in Colombia I wouldn’t be here,” he said. “What would I achieve here?”
Original text: http://seattletimes.nwsource.com/html/businesstechnology/2008667414_apltcolombiavenezuelatrade.html?syndication=rss
