New Delhi, Mar 19 (Prensa Latina) India and Venezuela have the potential to deepen commercial ties in 2021, especially in non-traditional products, the ambassador of the South American country, Coromoto Godoy, said today in this capital. 

In an interview with Prensa Latina in New Delhi, Godoy pointed out that a virtual meeting was recently held between the two countries, organized by the Foreign Trade Bank of Venezuela (Bancoex) to promote bilateral trade.

The online appointment is part of the cycle of conferences 'Opening Markets: Promotion of Trade between Venezuela and the World', promoted by Bancoex to boost trade relations with other countries. 

This meeting, he added, constitutes an important initiative in times in which Venezuela, more than ever, needs to generate foreign exchange through trade to face the economic blockade and the criminal and illegal unilateral sanctions imposed by the United States and the European Union. 

Bancoex, an institution attached to the Ministry of Economy and Finance, promotes non-oil exports and boosts productive activity in Venezuela, Godoy said. 

The entity, he explained, has a robust technical and financial assistance scheme to boost the export of Venezuelan products. To do this, it deploys specific policies to position goods such as cocoa, coffee, chocolate, rum, shrimp and blue crab in international markets, the diplomat stressed. In the trade balance between India and Venezuela, he said, pharmaceutical products stand out mainly. 

The government of President Nicolás Maduro created a legal regulation that shields trade with the world, known as the Anti-Blockade Law, as a time frame that allows the Executive to recover the country's income without fear of reprisals from other nations, Godoy said. 

The Anti-Blockade Law guarantees new commercial and financial relationships with international investors who decide to work with their capital in Venezuela, said the ambassador of this Latin American nation in India.