The document was signed by Venezuelan Executive Vice President Delcy Rodriguez and the Asian country’s international trade representative Wang Shouwen.

Rodriguez called the document strategic as it allows the promotion and protection of investments and their flow between Caracas and Beijing. This is reported by Prensa Latina, a partner of TV BRICS.

Wang said that the agreement is of great importance for the Bolivarian Republic because Chinese companies have the regulatory framework to invest in the country and Venezuelan companies have the regulatory framework to invest in China.

According to him, Wang’s visit to Venezuela was very fruitful as they not only signed the agreement, which was finalised during the President’s visit, but also set up working groups to ensure trade flexibility, and addressed other issues such as special economic zones (SEZs).

They also discussed the creation of the China-Venezuela Business Committee, which will be established soon.

Rodriguez emphasised that both countries are promoting the fundamentals of international trade and developing the engine of Venezuelan foreign trade through non-traditional exports, as well as reviewing sanitary protocols for Venezuelan goods sent to the Asian giant.

The Chinese Senior Official emphasised that this agreement will undoubtedly deepen investment relations, assuring that the Chinese side will complete all internal procedures as soon as possible, and added that he expects the same from the Venezuelan side.

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