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LatinNews Daily - 09 August 2021

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In brief: Venezuela amends tariff exemptions

* Venezuela’s Vice President Delcy Rodríguez has announced the end of import tariff exemptions on 597 finished goods “that may be affecting national production”. During a meeting of Venezuela’s economic high council, Rodríguez explained that this policy change is aimed at “boosting national production” and part of a plan for “strategic and gradual substitution of imports”. She said it will encourage the growth of Venezuelan sectors where there is “national demand and high levels of national components”. Rodríguez highlighted that this measure would boost national industries as well as “national development and production”. She also explained that it aims at “guaranteeing national consumption and the balance of prices for our population” while increasing potential for job creation and currency savings. This presidential decree ending the import tariff exemptions goes back on a policy adopted in 2018, when President Nicolás Maduro had issued a decree exonerating intermediate and industrial goods from import tariffs.