Venezuela and Cuba sign rule-of-origin accord
CUBA STANDARD — Cuba and Venezuela signed a trade agreement during the
International Havana Fair establishing rules of origin for goods
produced in both nations.
This is the 40th economic complementation agreement between the two
nations; Venezuela is Cuba’s largest trading partner, and the signing
comes at a time when trade with Venezuela is stagnating and some
mega-projects involving state companies are lingering.
Amid a slump of global nickel prices, the two governments put
construction of a $700 million ferronickel joint venture plant in
eastern Cuba on hold this summer; the plant was supposed to supply a
Venezuelan steel plant with nickel. Also, there has been little news
regarding construction of several petrochemical plants around a
joint-venture refinery in Cienfuegos that had been announced in 2010.
The agreement, dubbed ACE 40, was signed by Venezuelan Trade Minister
Alejandro Fleming and Cuban Foreign Trade Minister Rodrigo Malmierca. It
will allow “a better flow of goods and solid construction of production
chains,” the Venezuelan trade ministry said in a press release.
Both countries are also working on a gradual phase-out of import duties
and economic complementation agreements.
Malmierca also announced the opening of a Cuban trade support office in
Caracas that promotes and follows Cuban exports to Venezuela.
Seventy Venezuelan companies offering 600 products participated in this
year’s International Havana Fair.
Source: “Venezuela and Cuba sign rule-of-origin accord « Cuba Standard,
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