Goyal, Venezuelan minister push for deeper cooperation in critical minerals

India and Venezuela have signalled a push to expand their economic partnership beyond the traditional oil trade, as Union Commerce and Industry Minister Piyush Goyal met Venezuela’s Minister of Ecological Mining Development Hector Silva on the sidelines of the 30th CII Partnership Summit in Visakhapatnam, Commerce Ministry officials said here on Saturday.

Notably, Venezuela has emerged as one of India’s major oil suppliers, with India’s imports largely comprising mineral fuels, oils and their distillation products. During the meeting with Goyal, the Venezuelan delegation expressed interest in deeper cooperation on critical minerals and sought to attract Indian investment in sectors beyond hydrocarbons.

Examining relief measures for SEZs: Goyal

The government is examining proposals to roll out certain relief measures to boost production in Special Economic Zones (SEZs), Commerce and Industry Minister Piyush Goyal said on Saturday. He also said the ministry is looking at ways and means to promote excess capacities in these zones for use in the domestic market in India.

Goyal stressed the need to revive the India-Venezuela Joint Committee Mechanism, inactive for nearly a decade, noting that ONGC’s ongoing operations in Venezuela provide a foundation for wider cooperation in mining and exploration.

According to the Commerce Ministry, Goyal also suggested that Venezuela consider accepting the Indian Pharmacopeia to facilitate smoother pharmaceutical trade and pointed to potential collaboration in the automobile sector.

The minister added that India would engage with businesses exploring investment opportunities in the Latin American nation.

Notably, India and Venezuela have always enjoyed cordial relations. There is a similarity of views on major international, political and economic issues. Besides actively promoting bilateral relations, the two countries cooperate in multilateral forums.

'Open to leading WTO reforms'

Commerce and Industry Minister Piyush Goyal has said India is willing to play a leadership role in driving WTO reforms, but emphasised that the nature of those reforms must be shaped in consultation with developing and least-developed countries to ensure they serve global welfare rather than the agenda of a few advanced nations.

The countries marked the 64th anniversary of establishment of diplomatic relations in 2023. Resident Embassies have been in Caracas and New Delhi for over four decades.