Weekly Report - 24 October 2006

ANDEAN: CAN to strike deal with Venezuela. Members of the Andean Community (CAN) agreed on 16 October to define within 30 days the rules that are to govern their trade relations with Venezuela over the next five years. They agreed to set up five technical teams which will meet in Lima on 16 November for a second working meeting. Venezuela left CAN to join Mercosur in April in acrimonious circumstances after Peru and Colombia agreed to seek FTAs with the US. Exports from CAN to Venezuela exceeded US$2.04bn in the first eight months of 2006, an increase of 21% on the same period in the previous year.

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