Enhancing bilateral cooperation in various sectors including educational, cultural, technology, and pharmaceuticals among others are expected to top the agenda of Ms Delcy Rodriguez, Executive Vice President and Minister of Finance of the Bolivarian Republic of Venezuela during her visit to India.
The minister who is on a four-day visit starting Aug 2-5, will meet the Vice President Jagdeep Dhankhar on Thursday and on Friday she will meet with external affairs minister Dr S Jaishankar for talks.
Ms Rodriquez’s visit comes to India ahead of the BRICS Summit later this month in Johannesburg, South Africa. According to reports, Venezuela has formally applied to join the BRICS group and President Nicolas Maduro expressed confidence to get a positive response.
A top diplomat told Financial Express Online that this matter is expected to come up during talks with Jaishankar on Friday.
It has been reported earlier that five BRICS member states are expected to consider official membership applications from several countries including Bolivia, Saudi Arabia, Algeria, Egypt, and Iran at the summit.
India & Venezuela
The two countries have shared diplomatic ties since October 1, 1959, and both aspire to foster a comprehensive strategic partnership, encompassing energy, technology, science, pharmaceuticals, education, culture, and tourism.
Embracing the Anti-Blockade Law
Venezuela recently approved an Anti-Blockade Law through its National Constituent Assembly. This constitutional law equips the country with the necessary tools to forge new alliances, attract investments, and elevate its economy to greater heights. The law ensures constitutional and legal security for both national and international investments, reinforcing Venezuela’s commitment to a world free of sanctions.
Building Strategic Alliances
Venezuela seeks to consolidate strategic alliances with Indian companies, not only in bilateral trade but also through joint ventures. The country aims to diversify its economy and expand industrial capacities within the framework of the robust anti-blockade law. Key sectors of interest include mining, tourism, science and technology, Ayurveda medicine, and film production, where Venezuela boasts considerable expertise and has established itself as a prominent audio-visual destination.
Strengthening Pharmaceutical Ties
Commercial exchange, including pharmaceuticals, has always been maintained between the two nations. Venezuelan officials confirm that there are no outstanding debts with Indian pharmaceutical companies, and they remain committed to the country’s growth.
Resuming Foreign Office Consultations
India and Venezuela have resumed Foreign Office Consultations after a significant hiatus. These consultations signify a renewed commitment to strengthen diplomatic ties and deepen cooperation between the two nations. This comes in the backdrop of India requesting US help in recovering dues from Venezuela due to sanctions.
Navigating Dues Release from Sanctioned Venezuela
As geopolitical tensions between Russia and Ukraine escalate, Western sanctions have cast a shadow on global trade and financial transactions. The focus on Russia has prompted India to seek Western flexibility in dealing with sanctions elsewhere, particularly in the case of its public sector enterprises with dues stuck in Venezuela.
Financial Express Online has reported earlier that the sanctions imposed on Venezuela by the US have led to the hindrance of payments, affecting the country’s largest oil and gas explorer, ONGC’s overseas arm, OVL.
India is determined to reclaim the $420 million stuck for several years due to these sanctions and this will come up during discussions with the visiting leader of Venezuela.
In 2017, the former US President, Donald Trump, imposed unilateral sanctions on Venezuela and Iran. While the sanctions on Venezuela were aimed at removing President Nicolas Maduro from power, those on Iran were imposed to halt its nuclear program. India drastically reduced imports of Venezuelan oil and stopped buying Iranian oil in 2019.
A Vision for Doubling Bilateral Trade and Diversifying Partnerships
On August 3, she will also participate in the Special Plenary: Ministerial Session with Trade Ministers in the two days India-LAC Conclave starting tomorrow in Delhi.
The India-LAC Conclave presents a pivotal platform for deliberating on strategies to double bilateral trade between India and Latin American and Caribbean (LAC) nations over the next 5 years. The conclave aims to explore measures to diversify trade further. India’s role in catalyzing integrative forces for the Global South’s advancement is undeniable, and the historical focus on commodities like petroleum, chemicals, and agricultural products is gradually shifting towards high-value manufactured goods, technology-related products, and services. This diversification brings about a more balanced trade portfolio, forging stronger mutual benefits and deeper collaboration in sectors like information technology, pharmaceuticals, renewable energy, and infrastructure development between India and LAC countries.
Minister Piyush Goyal, Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, will lead the discussions, and participants will delve into decisive measures to foster stronger economic ties and enhance trade prospects.
India’s Visionary Role in the Global South
India takes center stage in the Global South, playing a catalytic role in realizing shared goals and aspirations. By actively engaging with LAC nations, India demonstrates its commitment to fostering collaborative growth and propelling the development agenda of the region.
Unleashing Potential in Key Sectors
India and LAC nations are forging robust partnerships in vital sectors like information technology, pharmaceuticals, renewable energy, and infrastructure development. This collaboration not only fuels economic growth but also strengthens technological advancements and innovation in both regions.
Who will be present at the Plenary Session?
For the Special Plenary, there will be key dignitaries from the LAC region, including Alejandro García Sepúlveda, Governor of Nueno Leon, Mexico, Alexandre Corona Quintero, Governor of the Province of Cienfuegos, Cuba, Rodolfo Pastor, Secretary of State in the Office of the Presidency, Republic of Honduras, Henry Charles Fernandez, Minister for Tourism, Civil Aviation, Transportation, & Investment, ANTIGUA & BARBUDA, Sergio Armando Cusiquanqui, Minister of Development Planning of Bolivia, and Andy Joseph Williams, Minister for Mobilization, Implementation, and Transformation, Grenada. This collective leadership exemplifies the commitment to fostering closer ties and exploring new avenues for cooperation.