India and Venezuela agree to strengthen ties in trade, health and digital technology sectors

New Delhi, Nov 26 India and Venezuela held their 5th Foreign Office Consultations in New Delhi on Wednesday, agreeing to strengthen cooperation in key sectors, including trade, health and pharmaceuticals, digital technology, agriculture, development partnership, culture, and people-to-people exchanges.

During the meeting, the officials of the two nations reaffirmed their commitment towards enhancing collaboration in multilateral forums of mutual interest. According to a statement issued by the Ministry of External Affairs (MEA), Secretary (East) P Kumaran and Venezuela's Vice Minister of Foreign Affairs Tatiana Josefina Pugh Moreno co-chaired the meeting.

"Both sides exchanged views on regional and international developments and agreed to coordinate closely in multilateral fora, advancing India – Venezuela partnership."

India and Venezuela also agreed to hold the next round of the Foreign Office Consultations in Caracas at a mutually convenient date.

On November 15, the Commerce Ministry stated that Venezuela has expressed interest in expanding economic engagement with India beyond the oil sector, including cooperation in critical minerals and attracting Indian investment.

Union Minister of Commerce and Industry, Piyush Goyal, held a bilateral meeting with Minister of Ecological Mining Development of Venezuela, Hector Silva, on the sidelines of the 30th CII Partnership Summit held in Visakhapatnam.

Goyal emphasised the need to reactivate the India-Venezuela Joint Committee Mechanism, whose last meeting was held a decade ago.

He noted that ONGC’s ongoing operations in Venezuela provide scope for deeper collaboration in mining and exploration.

The minister suggested that Venezuela may consider accepting the Indian Pharmacopeia to facilitate pharmaceutical trade and highlighted opportunities to enhance cooperation in the automobile sector.

Goyal further stated that India would engage with businesses exploring investment prospects in Venezuela, said the ministry.

India benefited with imports of heavy crude from Venezuela, as the US eased its sanctions against the South American nation in 2024. India has been looking to expand its trade with Venezuela.

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