Venezuela and Haiti have agreed to reactivate the binational committee to fund a variety of development projects in the impoverished Caribbean nation, Venezuelan Foreign Minister Jorge Arreaza said here Wednesday following a meeting with Haitian counterpart Antonio Rodrigue.

The initiative comes within the framework of Petrocaribe, an alliance established by Venezuela three years ago offering Caribbean countries preferential terms to pay for their oil imports.

The agreement includes a variety of agricultural projects, with are expected to result in the production of many of the commodities enjoyed by Venezuelans through Nicolas Maduro's social programs, Arreaza said.

"It is about fair trade, responsible trade, recognizing the realities of our economy through a mutually supportive mechanism, a mechanism that has had great impact in the Caribbean, as Petrocaribe has," he added.

Rodrigue said that the agreement represents an "important step in the cooperation" between the two countries and thanked Venezuela for its "good disposition" toward Haiti.

Last November, Maduro pledged to Haitian President Jovenal Moise his commitment to help the country develop after signing a cooperation agreement for projects related to roadway, water and electric infrastructure.