Nicaragua Will Not Negotiate FTA with Venezuela
The trade minister has denied the possibility of the country signing a free trade agreement (FTA) with Venezuela.
Thursday, September 2, 2010
Orlando Solórzano, indicated that instead of a FTA, which is limited to trade rules, the countries are developing a plan to integrate members of the Alternative Bolivarian Alliance for the Americas (ALBA), which he called the People's Trade Agreement.
The Nicaraguan Superior Council of Private Enterprise (COSEP) highlights the importance of reaching a commercial agreement to give “certainty” to markets.
There are concerns that the trade partners are constructing a commercial “house of cards” built on shaky foundations made of political rhetoric.
This year the FTA with Chile is expected to be signed, and progress achieved in the negotiations with Ecuador.
A rice shipment from Venezuela to Cuba will become the first trade transaction done using Sucres ("Unitary System for the Regional Compensation of Payments").
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