Caracas, Apr 15 (Prensa Latina) Venezuela’s Government will reportedly request an Arbitration from the World Trade Organization (WTO) to protest the illegal trade practices of the United States and Colombia.
In an official statement, Venezuela denounces before the WTO the irregularities of Washington and Bogota in the hydrocarbon trade as well as in other goods and services, including cryptoactives.
The Venezuelan Government has been calling on the commercial organization to set up a Dispute Settlement mechanism since March.
Venezuela had asked the WTO to initiate the procedure called Consultation of Disputes, a conciliatory procedure the U.S. initially accepted, it adds.
Nevertheless, it denounced, the US did not respond within the established time, while Colombia has not even responded so far to the proposed request for consultations.
In the absence of a response, Caracas will refrain from invoking the establishment of Special Groups to solve the dispute; and based on the Rules and Procedures for the Settlement of Disputes ruling the WTO; it will advance directly to the establishment of an Arbitration. This mechanism, the statement underscores, commits the countries held responsible to provide answers, because it is a mandatory requirement before the WTO, whose position complies with what is established by the United Nations.