Venezuela, Turkey strengthen economic cooperation with five new agreements

Caracas, 06 Oct. AVN.- The governments of Venezuela and Turkey signed on Friday five cooperation agreements in areas related to trade, economy, agriculture and tourism in the city of Ankara as part of the Joint Commission shared by both nations.

For Venezuela, the deals were signed by Venezuela's Foreign Minister Jorge Arreaza, and the Ministers of Agricultural Production and Lands, Wilmar Castro Soteldo; and Economy and Finance, Ramon Lobo; after the bilateral meeting held by President Nicolas Maduro, and his Turkish counterpart Recep Tayyip Erdoğan.

The agreements between Caracas and Ankara include areas such as: trade and economic cooperation, tourism development, security, agriculture and air services.

Turkey is the third stop of the Venezuelan Head of State's working trip he undertook on October 3 and included Algeria, Russia and Belarus.

Turkey is the 17th largest economy in the world and the sixth in Europe in size and growth. Last year, its economy grew by 2.9% and is expected to grow by 2.7% throughout 2017, according to the International Monetary Fund (IMF).

According to official data from the Turkish embassy in the country, in recent years Venezuela has received more than $ 500 million from exports to Turkey, especially in sectors such as oil, iron, wood and petrochemical industry.

The establishment of diplomatic relations between Venezuela and Turkey dates back to December 1950. However, they strengthened since 1999 with the beginning of the Bolivarian Revolution.

The First Meeting of Complementarity between Venezuela and Turkey was held in Istanbul, in September 2010, and was aimed at exploring the economic and commercial potential that could be promoted by both nations.

Then, in 2011, the First Venezuela-Turkey Joint Commission was held to discuss binational cooperation in energy, housing, food, trade, education and culture.

06/10/2017 - 03:09 pm