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.

"In doing so the government has buried the hopes of Nicaragua's private companies that had asked for a bilateral trade agreement to be signed with Venezuela in order to guarantee a free market and zero political intervention in trade issues," reports Laprensa.com.ni.

More on this topic

Nicaraguan Businesses Insist on FTA with Venezuela

July 2010

The Nicaraguan Superior Council of Private Enterprise (COSEP) highlights the importance of reaching a commercial agreement to give “certainty” to markets.

Venezuela has become the second largest destination for Nicaraguan exports, beaten only by the USA. Exports surpassed $2 million in 2006 and are at $127.2 million for the first six months of this year.

Nicaraguan Exports to Venezuela

July 2010

There are concerns that the trade partners are constructing a commercial “house of cards” built on shaky foundations made of political rhetoric.

During Daniel Ortega’s government exports from Nicaragua to Venezuela have increased from $2m to $119m. The figure for 2010 will likely be double the latter. The main products exported are beans, meat and livestock.

Nicaragua Looks for New Markets

August 2010

This year the FTA with Chile is expected to be signed, and progress achieved in the negotiations with Ecuador.

Orlando Solórzano, the Nicaraguan Minister for Development, Industry and Commerce, stated that the agreements are part of the country's strategy to find new markets.

Alba To Implement Sucre for Payments

January 2010

A rice shipment from Venezuela to Cuba will become the first trade transaction done using Sucres ("Unitary System for the Regional Compensation of Payments").

The announcement was made by Venezuelan president Hugo Chávez.

"Sucre is a common accounting unit, not a physical currency. It was adopted by Alba member countries in 2009 for exchanging products, freeing them from using the U.S. dollar", reported Epa.

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