Venezuela to emerge as bigger export market
November 18, 2008 - Bolivia
Venezuela is expected to emerge as the new huge market for Bolivian products in 2009, the Government informed recently.
President Evo Morales of Bolivia suspended anti-drug operations sponsored by the US on November 1, 2008, as a result of which the US has ended preferential trade with the country.
Due to this rift with the US, Bolivia will now shift its focus to Venezuela.
Government announced that Venezuela is a potential market and expects that the exports to this country will be double what the country was selling to the US under Andean Trade Promotion and Drug Eradication Act (ATPDEA).
Reportedly, Bolivia bagged orders worth US $47 million at the first round of the Bolivia-Venezuela Business Fair in La Paz. This is double the amount of textile and manufacturing exports to the US under the agreement.
However, experts believe that suspension of ATPDEA will be a hard blow to Bolivians. This agreenment created an estimated 50,000 direct and 150,000 indirect jobs and now, over 20,000 workers may become unemployed.
Advisers say that Government should reconsider this situation and take appropriate steps, so as to ensure the welfare of the locals.