By James Blears
The main aim of the Venezuelan Government is for many countries, especially the United States, to lift economic sanctions which are accelerating the nation`s economic meltdown.
Back in Caracas, President Nicolas Maduro says that this would go a long way towards generating economic recovery and is the top priority of his negotiating team.
The Opposition coalition is insisting on impartial November Regional and Municipal Elections, leading on to a Presidential Election, in which the Venezuelan voters enjoy the freedom to choose who will govern them.
International support for Opposition leader Juan Guido has shrunk, weakening his position. Originally more than fifty Governments recognized him as the legitimate leader of Venezuela. That`s now shrunk to less than ten. Nevertheless, Guido says: "We must take action to save Venezuela."
The negotiations which are complex and far-reaching, are likely to last until year-end, with the hope that they won`t break down, as they previously did. They`re being overseen by Norwegian Diplomats.
The real question is whether Washington will recognize developments, and accordingly relax the stranglehold sanctions, which are preventing any meaningful economic recovery, leading to revitalization. Much depends on what develops in Mexico City in the coming weeks.