Pretoria – International Relations and Cooperation Minister Maite Nkoana-Mashabane has arrived in Venezuela where she will hold talks with her counterpart Minister Elias Jaua Milano on issues related to energy, mining, agriculture and education among others.
The working visit is aimed at strengthening bilateral relations.
According to the Department of International Relations and Cooperation diplomatic relations between South Africa and the Bolivarian Republic of Venezuela were established in 1993 and, in 1995, Venezuela opened its Embassy in Pretoria. South Africa opened its Embassy in Caracas in January 1998.
A Memorandum of Understanding regarding bilateral consultations was concluded between the two countries in July 2007 and a Framework Agreement on Cooperation was signed in 2008 during the visit of the late President Hugo Chavez.
“The Framework Agreement paved the way for cooperation in the areas of energy, mining, agriculture, social and cultural activities. It was mutually agreed to establish a Joint Bilateral Commission (JBC) to monitor the implementation of the Cooperation Framework Agreement and to identify new areas of cooperation,” said the department.
Three Memoranda of Understanding were also signed by PetroSA and Petróleos de Venezuela (PDVSA), which granted PetroSA a block in order to explore Venezuela's oil reserves.
South African exports to Venezuela consist mainly of Ferro-vanadium and related products, followed by liqueurs. South African imports from Venezuela consist mainly of oil.
Trade relations between South Africa and Venezuela have decreased over the years with the balance of trade changing to favour South Africa. – SAnews.gov.za
