A global trade deal concerning energy continues to be expected to dominate the talks between Venezuelan President Hugo Chavez and Chinese President Hu Jintao in the former’s 6 day stop by at the Asian country. During the past months, Mr. Chavez may be on a number of world tours so that you can build and fortify its alliance for some other nations and gain international support regarding its promises to accede towards the UN Security Council. While the Venezuelan leader’s agenda included other economic and political issues, his discussion together with the Chinese president has become expected to centralize over a potential global trade pact on energy.

At present, the South American nation is looking for measures so as to lessen its addiction to the United States regarding the former’s oil exports. Despite the ideological and political differences bewteen barefoot and shoes, the US remains as among the biggest markets of Venezuela’s oil. Meanwhile, China currently needs more energy supplies so as to feed its booming economy. The Asian country’s fast economic boom has led on the increase of the energy demands. Since its resources are falling short, it requires to venture into potential global trade deals on energy to be able to secure its present and future supplies.

During the visit, both Mr.Chavez and Mr. Jintao are supposed to make another agreement, that can increase Venezuela’s oil exports to China. Moreover, the modern global trade pact may also include the buying oil tankers from China. This could be the fourth time the Venezuelan leader has traveled to China since he assumed the presidential office in 1998.

China’s desire for the Latin American country has risen after recently signing a world trade agreement with Chile. According to analysts, both Chile and China are two likely partners inside metal industry since former will be the world’s biggest copper producer, as the latter may be the largest copper consumer worldwide.

Prior on the new global trade pact, both Venezuela and China had already cooperated on several energy issues. For instance, Chinese state-owned company CNPC happens to be handling oil exploration inside the South American country. According to reports, Venezuela has recently offered to raise its oil supplies to China nearly 1 million barrels daily by 2012.

At present, China ranks because the 2nd biggest consumer of their time worldwide next for the United States. But since it’s energy needs increase automobile emerging economy, China continues to be considering potential global trade handles some nations as a way to meet its current demands and secure its future energy supplies. Aside from Venezuela, the Chinese government in addition has embarked on strengthening its ties with oil producers in Africa. It must be noted which the region has one of many world’s richest oil resources. Prior to Mr. Chavez’ holiday to China, Venezuela’s ambassador commented which the global trade pact would consolidate the strategic alliance involving the two nations. Meanwhile, an electricity expert said that this growing relationship between Venezuela and China was mutually advantageous for both of those.