President Maduro Proposes a Colombian-Venezuelan Economic Zone

The reestablishment of trade relations between these countries occurs at a time when the Venezuelan economy marks milestones of good performance in 2022.

On Tuesday, President Nicolas Maduro announced that he will propose to Colombian President Gustavo Petro the creation of a border economic zone that encompasses the department of Norte de Santander in Colombia and the state of Tachira in Venezuela.

RELATED: Venezuelan Economy To Grow 18.7% Second Quarter: Central Bank

"We will propose a binational economic, commercial, and productive development zone. The time has come for us to build it," he said, specifying that it will be a special economic zone (SEZ), which could later cover other border territories. such as Zulia, Tachira, Apure, and Amazonas.

Maduro also announced that a team of officials is working to accelerate the economic and commercial opening with Colombia in the border area, which has been closed since 2019.

Colombia and Venezuela share a 2,219 kilometer border. In 2019, however, Venezuela decided to break diplomatic relations as a result of the tensions generated by the support of President Ivan Duque (2018-2022) for the destabilizing actions of the Venezuelan opposition politician Juan Guaido.

The reestablishment of trade relations between these South American countries occurs at a time when the Venezuelan economy marks milestones of good performance in 2022.

The gross domestic product (GDP) grew 17 percent in the first quarter and 18.7 percent in the second quarter, according to the most recent data from the Central Bank of Venezuela. This happened after seven years in which the Bolivarian GDP contracted by 80 percent as a result of the U.S. sanctions.

"The current generation has the great challenge of converting the auspicious moment the country experiences into a long-term growth cycle for an economy that does not depend on oil revenues. Venezuela has found its way to growth and prosperity!," Maduro stressed.