Non-Petroleum Exports Law strengthens economic structure

The Law for the Promotion of Non-Petroleum Exports will contribute to the collection of foreign currency directly through the corresponding transactions, as stated by the deputy of the National Assembly (AN), Fernando Bastidas.

In an interview with VTV, Bastidas said that “there are key aspects that we must highlight and, the first of them has to do with the contribution to the transformation of the national economic structure. A second aspect has to do with optimizing the State’s order regarding non-oil exports,” Bastidas said.

He indicated that the legal regulations seek to standardize the administrative processes of the Republic. “One of the battles we must fight is the permanent fight once morest bureaucracy and corruption, and it is related to the corresponding procedures and permits to export,” he said.

He stated that the Single Window for Foreign Trade establishes up to 150 times the exchange rate of the highest value currency, in accordance with the Central Bank of Venezuela (BCV) to grant the respective permit.

“This allows greater reliability and greater guarantees in logistics processes and, in turn, businesses have greater dynamism. That means greater strength in an economy that combats unilateral coercive measures [imposed by the United States and the European Union (EU)],” said the deputy, Fernando Bastidas.

On Wednesday, the draft Law for the Promotion of Non-Petroleum Exports was approved in second discussion, which will allow economic growth, according to the president of the National Assembly, Jorge Rodríguez.

The head of the Legislative Branch noted that Venezuela is in the process of a new productive economic model and the new law protects the exporter, especially “from the box office, from the checkpoint, from the bureaucracy, because it is a law that streamlines all the processes of export”.