Venezuela to Withdraw From Free Trade Pact
Venezuelan President Hugo Chavez said his country would withdraw from the Andean free trade association because Colombia and Peru reached free trade agreements with the United States that made the group obsolete.
Chavez said in a press statement that the Andean Community of Nations, which groups Bolivia, Colombia, Ecuador, Peru and Venezuela, is “dead.”
From Bloomberg News
* Venezuela’s Citgo Petroleum Corp. agreed to pay Lyondell Chemical Co. $50 million in fuel supplies to settle a dispute and proceed with the sale of their jointly owned Texas refinery, the oil minister said.
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