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Binational payment system
By E.C.V. & ASOCIADOS
Fedecamaras, a non-profit civil association formed by Venezuelan private businesses, asked the government to allow for a binational payment system that includes the Venezuelan Bolívar and the Colombian Peso currencies.The recent restoration of diplomatic relations between the two countries has opened up trade opportunities in border regions that have suffered economic setbacks.
Colombia says reopening the border—formally closed for seven years—could generate U$S1.2 billion in bilateral trade by the end of 2023, compared with the nearly U$S6 billion in trade a decade ago.
According to the The Observatory of Economic Complexity (OEC), in 2020 Colombia exported U$S195M to Venezuela, with the main products being propylene polymers, palm oil and wheat flours. Venezuela exported U$S26.8M to Colombia, with non-woven textiles, electric batteries and heavy pure woven cotton as its main products.
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