ESPACIO PUBLICITARIO
CARACAS, Friday November 23, 2012 | Update
 
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ECONOMY

Favorable forex rate for Venezuelan exports to Argentina proposed

Argentinean Ambassador to Venezuela Carlos Chippi informed that since 2004 Venezuela-Argentina bilateral trade has grown and is likely to hit USD 2.3 billion this year

MARIELA LEÓN |  EL UNIVERSAL
Friday November 23, 2012  02:59 PM
The president of the Advisory Council of the Venezuela-Argentina Chamber (Cavenarg), Benjamín Tripier, described as "convenient" to establish a "favorable foreign exchange rate for (Venezuelan) exports" or adopt some other moves to encourage the activity. 

Tripier's proposal came on the occasion of Venezuela's recent entry into the Common Market of the South (Mercosur), considering the challenges the bloc will face to boost trade and encourage integration among member countries.

During a meeting hosted by Cavenarg, Tripier assessed the situation of exporters willing to place their products in foreign markets. "If revenues in US dollars from exports are converted to bolivars (Venezuela's currency) at an exchange rate of VEB 4.30 per US dollar, money will probably not be enough to cover costs. For them, (exporters) there should be a favorable exchange rate, yet this shall not affect imports' exchange rate. We are still an importing country."

The analyst proposed a mechanism called "draw back to encourage exports. Other proposals may include that for every dollar being exported, the fiscal system shall return certain amount of bolivars to meet expenses. Creativity is pivotal. This does not imply a sudden change. We are still four years ahead to adapt to the regulations set upon the incorporation into the regional bloc.

Tripier pointed out the need for creating an Operations Office able to coordinate in practice the political guidelines established by Mercosur's Presidential Commission. The office would allow coping with different dimensions, he explained, for instance, "Enhancing competitive and comparative advantages; entering new deals; sharing the experiences of other countries that are members of other blocs; channeling authorizations, certificates, and solvency certificates; tariff adjustment, etc."

For his part, Argentinean Ambassador to Venezuela Carlos Chippi informed that since 2004 Venezuela-Argentina bilateral trade has grown and is likely to hit USD 2.3 billion this year, surpassing the amount registered in 2011. "There are great opportunities. If we fail to seize such opportunities, someone else will. It is not about selling only, but about supporting Venezuela's growth."

Translated by Jhean Cabrera
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