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US Ambassador Reminds Venezuela of Contractual Obligations

From Globovisión

Caracas, 9 May 2005 | The Ambassador of the United States to Venezuela, William Brownfield, considers that even though the Venezuelan Government has the authority to define tax policy in the energy sector, it also has the obligation to respect contracts signed during the period of the program for the liberalization of the petroleum industry.

The diplomatic representative reminded those present that both nations have trade relations dating back a long time and which provide benefits to both peoples. “Whenever there is good trade between two countries, the winners are the economies of those two countries and the people of those two countries.”

He recognized that during the last 18 months bilateral trade has increased, petroleum being the main product exported to the northern nation. Nevetheless, he stated his desire for the figures to increase, despite recognizing the existence of obstacles ['trabas’].

Translation by W.K.

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