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Russia-Venezuela Trade Growth Result of Understanding, 2 Economies' Integration - Maduro

MEXICO (Sputnik) - Russia and Venezuela have reached a mature understanding and understand the potential of each other, Venezuelan President Nicolas Maduro said on Tuesday, adding that the 453% two-year growth in bilateral trade is a result of the integration of the two economies and of the work of the two governments.

"This is the result of the work done. Between the two governments as well as on the integration of the economies... The Russian economy replaces imports from Western countries, and it has a number of needs to replace what has been coming in from countries that... imposed sanctions. Now Venezuela can satisfy those needs," Maduro told the Maduro+ program.

Venezuelan Vice President Delcy Rodriguez has said that exports from Venezuela to Russia have grown by 453% since 2022. Among the exported goods, Rodriguez mentioned cocoa, coffee, avocado, cane sugar, and vegetables. Russian exports to Venezuela have grown by 34% over the same period, mainly thanks to exports of fertilizers, soy oil, wheat, peas, potassium chloride, and vaccines.

"We have reached a high level of maturity in understanding between the countries and their leaders. In the existing political trust, vitally important in relations between states and in the understanding of the two countries' potential. Besides, we have a plan. Now we [with Russian President Vladimir Putin] have created a plan for up until 2020... We have a plan, we have confidence, we have everything, and we already see results," Maduro added.

Venezuela's President Nicolas Maduro speaks during a meeting with his ministers at the Humboldt Hotel at El Avila mountain in La Guaira, Venezuela, Thursday, Sept. 21, 2023. - Sputnik International, 1920, 01.10.2024

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The recent session of the bilateral commission chaired by Rodriguez and Russian Deputy Prime Minister Dmitry Chernyshenko was "one of the most effective from the operational perspective," the president said.

In October, Russian President Vladimir Putin said that the strategic partnership between Russia and Venezuela continued to strengthen. During his meeting with Maduro in the Russian city of Kazan, Putin also said that the two countries were seeking to build a new world order without neocolonial approaches.