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CREATION OF THE MINISTRY OF PEOPLE’S POWER FOR FOREIGN TRADE

On January 15, 2025, Decree No. 5,080 was published in the extraordinary Official Gazette No. 6,878  , through which the Ministry of People’s Power of Foreign Trade is created.

I. Object

Create the Ministry of People’s Power of Foreign Trade (MPPCE) and also order the reorganization of the Ministry of People’s Power of Economy, Finance and Foreign Trade, which is now called “Ministry of People’s Power of Economy and Finance (MPPEF)”, delimiting the special functions and powers of each of these Ministries.

II. Powers of the MPPCE

To name a few, it will be empowered to: i) promote foreign investment, ii) export promotion policies and iii) develop the country’s commercial and productive relations that do not correspond to the oil, banking or mining sectors.

These competencies will be assumed in accordance with the strategic guidelines issued by the President of the Republic in matters of foreign relations in coordination with the Ministry of People’s Power with competence in matters of foreign relations.

III. Organization

a. The MPPCE will be made up of:

  • Vice-Ministry of International Trade Policy.
  • Vice Ministry of Export Promotion.
  • Vice-Ministry of Foreign Investment.

b. As a complement to the activities to be carried out by the aforementioned Ministry, the following are attached to the MPPCE:

  • The Sociedad Anónima Agenda de Promoción de Exportaciones, S.A.
  • The Bank of Foreign Trade (BANCOEX).
  • The Public Institute International Center for Productive Investment (CIIP).
  • The State Foundation Country Brand Institute.
  • The National Export Fund.

IV. Authority

 By virtue of the creation of the new Ministry, Coromoto Godoy Calderón is appointed as Minister of the MPPCE, by Decree No. 5.081, published in Official Gazette No. 6,878 extraordinary, dated January 15, 2025.

V. Validity

 It entered into force upon its publication in the Official Gazette.

 

Contacts:

LEĜA Abogados
  infolaw@lega.law
  +58 (212) 277.22.00
  www.lega.law

Yelitza-Suarez


Yelitza Suárez
ysuarez@lega.law
+58 (0212) 277 2263

Luzmely-Rey


Luzmely Rey
lrey@lega.law
+58 (0212) 277 2245

 

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