CARACAS - Colombia and Venezuela Monday signed a new trade deal, among other agreements, during an official visit by Colombian President Juan Manuel Santos.

After extensive talks at the Miraflores Palace, seat of the Venezuelan government, the two sides inked 11 deals, including a framework agreement that sets new regulations for the bilateral trade that is worth $7 billion annually.

The deal carried much importance for Venezuela, which withdrew from the Andean Community of Nations (CAN) trade pact earlier this year, of which Colombia is a member.

Venezuelan President Hugo Chavez and Santos stressed the importance of the bilateral trade, which experienced a slump in 2009 due to a diplomatic crisis between the two countries.