On 22 April, 2006, Venezuela announced its decision to terminate the Agreement of Cartagena, revoking its rights and obligations as a member of the Andean Community, with the exception of the benefits received and granted under the Liberalization Program of the Sub-region, that would remain in force for a period of five years.
On 27 April 2011, Decision 746
of the Andean Community established that said tariff preferences would be extended until the entry into force of a bilateral agreement between each of the member countries and Venezuela.
In this context, Colombia and Venezuela signed a partial scope agreement
on 28 November 2011. The agreement provides a legal framework to regulate trade between the two nations
and its purpose is to establish tariff preferences for imports of products originating in both countries.