How Are India and Venezuela Strengthening Their Ties in Trade, Health, and Digital Technology?
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Synopsis
In a landmark meeting, India and Venezuela have agreed to enhance cooperation across vital sectors such as trade, health, and digital technology. This partnership could pave the way for significant advancements in bilateral relations and economic engagement.
Key Takeaways
- Strengthened cooperation in trade and health sectors.
- Focus on multilateral forums for collaboration.
- Next consultations planned in Caracas.
- Expanding economic ties beyond oil.
- Potential in pharmaceutical and automobile sectors.
New Delhi, Nov 26 (NationPress) In a significant development, India and Venezuela convened their 5th Foreign Office Consultations in New Delhi on Wednesday. The nations reached an agreement to bolster cooperation across pivotal sectors, namely trade, health and pharmaceuticals, digital technology, agriculture, development partnership, culture, and people-to-people exchanges.
During this meeting, officials from both countries reaffirmed their dedication to enhancing collaboration in multilateral forums of shared interest. A statement from the Ministry of External Affairs (MEA) noted that Secretary (East) P Kumaran and Venezuela’s Vice Minister of Foreign Affairs Tatiana Josefina Pugh Moreno co-chaired the discussions.
“Both parties exchanged insights on regional and international developments and agreed to work closely in multilateral platforms to advance the India-Venezuela partnership,” the statement highlighted.
Additionally, India and Venezuela consented to conduct the next round of Foreign Office Consultations in Caracas at a mutually agreed time.
On November 15, the Commerce Ministry announced that Venezuela is keen on broadening economic engagement with India beyond the oil sector, which includes collaboration in critical minerals and attracting Indian investments.
Union Minister of Commerce and Industry, Piyush Goyal, also had a bilateral meeting with Venezuela’s Minister of Ecological Mining Development, Hector Silva, during the 30th CII Partnership Summit in Visakhapatnam.
Goyal stressed the importance of reactivating the India-Venezuela Joint Committee Mechanism, which last convened a decade ago.
He pointed out that ONGC’s ongoing operations in Venezuela open avenues for deeper collaboration in mining and exploration activities.
Furthermore, the minister suggested that Venezuela consider adopting the Indian Pharmacopeia to facilitate pharmaceutical trade and also highlighted potential collaborations in the automobile sector.
Goyal further stated that India is eager to connect with businesses exploring investment opportunities in Venezuela, as reported by the ministry.
India has benefited from importing heavy crude from Venezuela after the US eased sanctions against the South American nation in 2024, indicating India's intention to expand its trade relations with Venezuela.
Point of View
It's essential to note that the strengthening of ties between India and Venezuela reflects a strategic move to enhance bilateral relations in various sectors. This cooperation could lead to mutual benefits, especially in trade and investment, paving the way for economic growth and development in both countries.
NationPress
26/11/2025
Frequently Asked Questions
What sectors are India and Venezuela focusing on for collaboration?
India and Venezuela are focusing on key sectors such as trade, health and pharmaceuticals, digital technology, agriculture, development partnership, culture, and people-to-people exchanges.
Where will the next Foreign Office Consultations be held?
The next round of Foreign Office Consultations will be held in Caracas at a mutually convenient date.
What recent interest has Venezuela shown towards India?
Venezuela has expressed interest in expanding economic engagement with India beyond the oil sector, including cooperation in critical minerals and attracting Indian investments.
Who co-chaired the recent meeting between India and Venezuela?
The meeting was co-chaired by Secretary (East) P Kumaran from India and Vice Minister of Foreign Affairs Tatiana Josefina Pugh Moreno from Venezuela.
What opportunities did Piyush Goyal highlight during the discussions?
Piyush Goyal emphasized the need to reactivate the India-Venezuela Joint Committee Mechanism and discussed opportunities in pharmaceutical trade and the automobile sector.
