- Trade compensation mechanism
The PetroCaribe Agreement also provides that loan repayments to Venezuela may be made by way of goods and services, valued at preferential rates under the Trade Compensation Mechanism. This is to promote the exchange of goods and services and to build domestic production capacity and trade relations.
In March 2014, a trade mission comprising of representatives from several Venezuelan enterprises visited Jamaica.
Their visit coincided with the bi-annual JAMPRO Jamaica Exposition and was geared at offering the Venezuelan mission the opportunity to gain knowledge of the Jamaican manufacturing sector and their products.
The Venezuelan mission – in addition to visiting the Jamaica Trade Exposition – engaged in several meetings with Jamaican manufacturers and exporters in industries including the construction, pharmaceutical and food sectors with a view to importing Jamaican goods and services to supply the domestic Venezuelan market.
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