Colombia and Venezuela take a historic step toward normalizing relations by signing a confidentiality agreement to negotiate the purchase of Monómeros, a key fertilizer producer, overcoming US sanctions through diplomatic efforts.

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In a significant gesture of regional solidarity and diplomatic progress, the governments of Colombia and Venezuela signed a confidentiality agreement to move forward with the negotiation process for the purchase of Monomeros Colombo Venezolanos. This agreement was formalized during the VII Meeting of Energy Ministers of the Community of Latin American and Caribbean States (CELAC) held recently, signaling a renewed path toward economic integration and food sovereignty in the subcontinent.

The confidentiality pact, signed by Roman Maniglia, president of Venezuela’s Petrochemical company Pequiven, and Colombia’s Minister of Mines and Energy, Edwin Palma, creates a protected framework for exchanging sensitive technical and financial data related to the Monomeros company.

Minister Palma emphasized that establishing an objective valuation of Monomeros is crucial for addressing speculation and rumors, enabling formal negotiations to begin on firm grounds and with transparency.

A major obstacle remains the unilateral coercive measures imposed by the U.S. government, which have targeted Venezuelan state-affiliated companies such as Monomeros. The Colombian government is actively negotiating with U.S. authorities to obtain a special license, allowing the transaction to proceed without falling foul of sanctions that undermine regional food security efforts. Minister Palma pointedly called upon the United States to respect Colombia’s sovereignty in protecting agricultural prices and the livelihoods of small farmers.

Monomeros, based in Barranquilla, Colombia, supplies approximately 80% of the country’s fertilizer needs, playing a strategic role in guaranteeing food security for millions in Colombia and Venezuela alike.

The company’s reacquisition has become a shared objective of President Gustavo Petro and Venezuelan leadership, including Vice President Delcy Rodriguez, who recently announced a memorandum of understanding between the two nations to create a Bi-National Economic Zone of Peace, Unity, and Development. This framework prioritizes energy cooperation as a pillar for regional integration.

The Monomeros deal, should it come to fruition, will reinstate a vital industrial asset into the hands of regional governments committed to the welfare of their people and to dismantling the legacies of economic dependency. It marks a hopeful juncture in CELAC’s agenda for Latin American solidarity and development.

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