Venezuela seeks to reshape trade chains in favor of India, Russia, China : Miranda governor

Venezuela seeks to reshape trade chains in favor of India, Russia, China : Miranda governor

Agency News

Carascus, Jan 31: Venezuela wants to reduce its dependence on imports from the United States and the West and reorientate its supply chains in favor of India, Russia, China and other emerging economies, Hector Rodriguez, the governor of the northern Venezuelan state of Miranda, told Sputnik in an interview.

Venezuela is currently in a state of political and economic crisis, with Juan Guaido, the head of the opposition-controlled Venezuelan National Assembly, having declared himself the country's interim president on January 23. The United States, which swiftly recognized Guaido, unveiled new sanctions against Caracas by blocking $7 billion in Venezuelan state oil company PDVSA's assets in its jurisdiction and imposing ban on deals with the entity as part of efforts to facilitate power transfer.

“In the medium term, we want to have supply chains that are not connected with the West and the United States. There are new economies — India, Iran, Russia, China, Latin American countries, Turkey — and it lets us to have a variety of access to technologies and products. It's not easy, but it will allow us to change our entire financial and economic architecture," Rodriguez said.

He specified that the “blocking of our transactions also obliges Venezuela to build a new economic architecture.” The US sanctions, in general, entail serious difficulties on the economy, including in the state of Miranda, according to the governor.

“The situation with the United States hits us and complicates everything — the purchase of medicines, technological modernization — since large part of our medical equipment is produced in the United States. It is difficult to buy spare parts when equipment breaks down," he added.

Rodriguez, however, noted that the overhaul of supply chains would demand time and the change of the “hospital system, transport system and so on.” This is, however, not the difficulty that would be impossible to overcome, he stressed.

Amid the escalation of the Venezuelan crisis, Russia, Mexico, Turkey, and Uruguay, among others, pledged their support for Nicholas Maduro as the country’s only legitimately-elected president. India stated that it was up to the Venezuelan people to resolve existing contradictions in a peaceful way.

In an interview with Sputnik earlier in the week, Maduro said that his country's economy was "at the stage of critical revival." He also thanked Russia for assistance, citing mutual plans to develop cooperation in all areas, including "in the economy, trade, oil and gas, military affairs." (UNI)