Colombian-Venezuelan trade: Bridge for Latin American integration

(Caracas, May 22, 1992).- "How to do business with Colombia" is the keynote topic of a seminar to be held next May 29, organized by the law firm Bentata Hoet & Asociados, and sponsored by CAF and Fedecameras.

This forum is of very topical, given the series of decisions on trade which Venezuela and Colombia have adopted this year. These include adoption of a common external tariff in relation to third countries to match the competition, and eliminate distortions in these areas. Bilateral trade has been completely opened by new tariff regulations which cover almost all the tariff universe, which will result in the free flow of products.

Progress has also been made in the areas of physical integration (Andean Pact Decision 257) on international road cargo transport, and a bilateral agreement signed in 1991 which regulates specific points: border passes, working hours, custom seals and documentation, among others.

The two countries - in addition to working actively for Andean subregional integration - are moving forward with their negotiations with Mexico (a member of the Group of Three), Chile, Brazil, Central America and the Caribbean. Based on the progress made, the markets now being formed are a very attractive, especially for the private business sector.

In this framework, CAF is actively collaborating with the process of identifying specific investment opportunities, contacting potential trade partners in both countries and, above all, advising interested parties on the best way to do joint business.

Objectives of the Seminar

The purpose of the seminar - which will be held in the Fedecameras Auditorium - is to analyze the legal provisions in an effort to help companies actively participate in the economic integration process.

Keynote speeches will be given by outstanding jurists from both countries. The topics include setting up subsidiaries and branches; representation, agency, and distribution agreements; exchange regime; tax aspects; tariff situation; trade and technology transfer; political and trade aspects of bilateral relations, and the role of chambers of commerce as registry bodies, among others.

The event will be opened by Fedecameras President Freddy Rojas. Other participants include members of the Brigard & Urrutia law firm of Colombia, which last April – jointly with the Venezuelan law firm Bentata Hoet & Asociados - organized a forum on "How to do business with Venezuela” in Bogota.