Page 68 - IILMGSM Journal_Management Perspective
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country was also involved in the exporting of Producing and Exporting Countries (OPEC). Since
agricultural commodities such as coffee and cocoa in the late 1980s, Venezuela has entered into numerous
their early age of globalization but oil as a bilateral and regional trading arrangements with its
mainstream quickly became the major source of neighbors or with other countries for long term trade
government revenues and they became the dominant gain.
exporter of the oil in the world. It has the least Venezuela hit a significant roadblock in 1993 when
expensive petrol in the world because the consumer the economy slipped into recession and regional trade
price of petrol is heavily subsidized. slumped. Trade fell further in 1994 following a major
Venezuela has a mixed economy dominated by banking crisis. The financial crisis has resulted in a
the petroleum sector, which accounts for loss of momentum in Venezuela's trade and economic
approximately 1/3rd of the current GDP, around 80% reform program begun in 1989. Since 1st January
of exports, and more than half of government 1995, Venezuela has been a member of WTO.
revenues. For this economy, per capita GDP for 2009 Venezuela is also a member of regional trading blocs
was US$13,000, ranking 85th in the world. like, Association of Caribbean States (ACS), Andean
Venezuela: Economy at Present Group, Group of Three, Latin American Integration
Association (LAIA) and Southern Cone Common
The Venezuela economy experienced better than Market Mercosur. Full membership of Mercosur
expected GDP growth of 2.6 percent for the April- for Venezuela became effective on 31 July 2012, after
June period this year. According to the Venezuelan the suspension of Paraguay on 22 June 2012 for the
Central Bank’s (BCV) report, the non-oil sectors of violation of the Democratic Clause of Mercosur.
the economy which most expanded in the second Venezuela is a member of these groups in the
quarter were finance (24.3%), communications negotiations: G-20, G-33 and NAMA-11.
(6.7%), water and electricity (6.0%), manufacturing Government Initiatives to Promote Indian Export
(5.7%), trade (4.2%), community services (3.6%) and
public services (2.9%). Meanwhile, construction (- It is worth noting that international trade is increasing
6%) and transport (-0.9%) contracted, as did mining by leaps and bounds in the world because of the
by 22.2%. Non-oil related economic activity grew by forces of globalization, such as the World Trade
2.9% compared with oil-related growth of 1.3%. Organization. Member countries of the WTO have
lifted quantitative restriction (non-tariff barriers) on
WTO and Other Regional Membership imports and reduced custom duty rates substantially.
India is one of the founding members of WTO.
Venezuela has been one of the world's leading India's participation in an increasingly rule based
exporters of oil, and it is a founding member of Oil system in governance of International trade would
ultimately lead to better prosperity for the nation.
67
agricultural commodities such as coffee and cocoa in the late 1980s, Venezuela has entered into numerous
their early age of globalization but oil as a bilateral and regional trading arrangements with its
mainstream quickly became the major source of neighbors or with other countries for long term trade
government revenues and they became the dominant gain.
exporter of the oil in the world. It has the least Venezuela hit a significant roadblock in 1993 when
expensive petrol in the world because the consumer the economy slipped into recession and regional trade
price of petrol is heavily subsidized. slumped. Trade fell further in 1994 following a major
Venezuela has a mixed economy dominated by banking crisis. The financial crisis has resulted in a
the petroleum sector, which accounts for loss of momentum in Venezuela's trade and economic
approximately 1/3rd of the current GDP, around 80% reform program begun in 1989. Since 1st January
of exports, and more than half of government 1995, Venezuela has been a member of WTO.
revenues. For this economy, per capita GDP for 2009 Venezuela is also a member of regional trading blocs
was US$13,000, ranking 85th in the world. like, Association of Caribbean States (ACS), Andean
Venezuela: Economy at Present Group, Group of Three, Latin American Integration
Association (LAIA) and Southern Cone Common
The Venezuela economy experienced better than Market Mercosur. Full membership of Mercosur
expected GDP growth of 2.6 percent for the April- for Venezuela became effective on 31 July 2012, after
June period this year. According to the Venezuelan the suspension of Paraguay on 22 June 2012 for the
Central Bank’s (BCV) report, the non-oil sectors of violation of the Democratic Clause of Mercosur.
the economy which most expanded in the second Venezuela is a member of these groups in the
quarter were finance (24.3%), communications negotiations: G-20, G-33 and NAMA-11.
(6.7%), water and electricity (6.0%), manufacturing Government Initiatives to Promote Indian Export
(5.7%), trade (4.2%), community services (3.6%) and
public services (2.9%). Meanwhile, construction (- It is worth noting that international trade is increasing
6%) and transport (-0.9%) contracted, as did mining by leaps and bounds in the world because of the
by 22.2%. Non-oil related economic activity grew by forces of globalization, such as the World Trade
2.9% compared with oil-related growth of 1.3%. Organization. Member countries of the WTO have
lifted quantitative restriction (non-tariff barriers) on
WTO and Other Regional Membership imports and reduced custom duty rates substantially.
India is one of the founding members of WTO.
Venezuela has been one of the world's leading India's participation in an increasingly rule based
exporters of oil, and it is a founding member of Oil system in governance of International trade would
ultimately lead to better prosperity for the nation.
67
