Colombian President Juan Manuel Santos and his Venezuelan counterpart Hugo Chavez announced the bilateral lifting of tariffs on 3,500 products, following a meeting Monday.
Santos said the aim was to recover trade between the two countries, which at its height had been worth $7,000 million.
The two leaders also signed a bilateral agreement to extend a Venezuelan pipeline to Panama and Ecuador. Santos also signalled the possibility of joint oil exploration and extraction between the two countries.
The Colombian president said, “I am very pleased with the signing of these agreements,” which he believed would bring great benefits for people of both countries. “That’s what integration is about,” he added.
Earlier in the day Santos thanked Venezuela for the recent capture of Colombian drug lord Maximiliano Bonilla, alias “Valenciano,” in Maracay, some 80 miles from Caracas.