TradePost Archives > September 17, 2008 > this article

Venezuela expects US trade won't suffer

September 15, 2008
By Fabiola Sanchez, International Business Times

CARACAS, Venezuela - Venezuela expects trade with the U.S. to be unscathed despite diplomatic tensions that led to the expulsions of both countries' ambassadors, Venezuela's ex-envoy in Washington said Monday.

The diplomat Bernardo Alvarez said commercial ties remain unaffected after President Hugo Chavez ordered him to return home and expelled the U.S. ambassador last week. Washington responded in kind saying it was expelling Alvarez.

Venezuela "hasn't done anything to hurt that commercial relationship," Alvarez told The Associated Press.

Venezuela remains the fourth-largest supplier of oil to the U.S., and U.S. imports to Venezuela also have experienced strong growth.

Trade last year exceeded $50 billion, an increase of more than 72 percent since 2004.

While trade should remain as usual, Alvarez said the departures of ambassadors means a scaling back of diplomatic relations to a "low level" for the time being.

Chavez said last week he was expelling U.S. Ambassador Patrick Duddy in solidarity with Bolivia, which booted its U.S. envoy accusing him of aiding violent protests.