BOTH sides yesterday hailed a new momentum in their relations at the end of almost two days of talks here by high level delegations from Guyana and Venezuela.

They reached agreement in several areas, including Guyana's access to a special Venezuelan oil facility to be signed within two weeks in Venezuela.

The oil agreement will be signed during the third summit of the Association of Caribbean States (ACS) in Margarita on December 11-12. Officials said President Bharrat Jagdeo is to attend the summit and will meet host President Hugo Chavez, who is also due to visit Guyana next year.

The teams at the talks here were led by Venezuela Foreign Minister Luis Alfonso Davila Garcia and Guyana's Foreign Minister Rudy Insanally and committed "to work more assiduously towards the enhancement of cooperation between the two countries."

The joint communique issued at a news conference held by Davila and Insanally, at the Foreign Service Institute in Georgetown, said a meeting of all the sub-committees of the High Level Bilateral Commission (HLBC) will be convened here, no later than the second half of February next year.

It said the meeting will review the progress made with a view to intensifying cooperation in the various areas of the HLBC.

Davila noted that another meeting of the HLBC would be convened some four to five months later to further evaluate the progress.

On the issue of the United Nations Good Officer Process on the border controversy between the two countries, the meeting reiterated their commitment and the decision by the respective Presidents to actively support the process.

It was agreed that there should be more regular contact and consultations between the respective Facilitators and the Personal Representative of the United Nations Secretary General.

Davila said the discussions gave a "new momentum" to the process which has been dormant, and that at the request of the Secretary General, a joint meeting involving the facilitators of both countries, the Good Officer and the Secretary General of the United Nations and the Foreign Ministers of Guyana and Venezuela will be held in the first quarter of next year.

He feels that prior to the meeting the two sides through their facilitators should seek to advance discussions on which areas will be forwarded then.

Insanally said the procedure remains a useful mechanism through which a resolve can be reached in the controversy which exists between the two countries, pointing out that the two countries will seek to make the process more efficient through frequent meetings.

On regional integration, an agreement was reached to pursue further initiatives, making special reference to the Treaty of Amazonian Cooperation while underscoring their interest in promoting closer cooperation within the body.

Insanally said his Venezuelan counterpart during the discussions gave a good approximation of how the two sides could create a new climate of friendship and trust to face the challenges of the future, in the areas of security and regional integration.

They were also able to examine some initiatives which will be forwarded by the HLBC.

The delegations also reviewed commitments undertaken at the South American Summit, held in Brasilia in September 2000, as well as initiatives being pursued to foster closer infrastructural integration of the 12 states of the continent.

The meeting noted with satisfaction the attention which the summit paid to democracy, combating drug-related problems and fostering trade among the states of the continent.

Note was also taken of the fact that international trade, investment and economic cooperation are critical to the development and welfare of states.

As such, each country reiterated a commitment to a just international trade and economic system based on equitable rules and free from unilateral actions which impact negatively on the economic development of other states.

Venezuela will assume the chair of the Group of 77 and China in 2002, and both sides stressed the need for continued collaboration and for Guyana and the Caribbean Community (CARICOM) to support Venezuela in discharging its mandate.

Likewise, the important role which the Group of 77 and China play in contributing to the development of South/South Cooperation and the cooperation between developing and developed states was acknowledged.

Also in that context, particular attention was paid to the Conference on Financing for Development to be held in Mexico, next year.

Davila and Insanally re-emphasised their commitment to build on the traditional ties of friendship and cooperation between the two countries, while emphasising their duty to work towards the maintenance of an amicable environment in relations.

Both ministers agreed to maintain an open means of communication to enable easier access each other.

A proposed State visit here by Chavez should take place before the end of the second quarter of 2002, following an agreement during the meeting.

Before the joint news conference, Davila paid courtesy calls on President Jagdeo, Speaker of the National Assembly, Ralph Ramkarran, Leader of the Opposition Desmond Hoyte and Secretary General of the CARICOM Secretariat, Edwin Carrington.

The Venezuelan Foreign Minister who departed Guyana yesterday afternoon, said the visit was a successful one, and for him "a personal, professional and extraordinary experience", which "now marks a new momentum in the relationship between Venezuela and Guyana as is enshrined within the criteria of Latin American and Caribbean integration".