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Trade Development Agreement between Venezuela and Turkey

By E.C.V. & ASOCIADOS - 24/07/2020

On August 21, 2020, the Trade Development Agreement between Venezuela and the Republic of Turkey will enter into force, the People’s Power Minister for Foreign Relations, Jorge Arreaza, announced during the exchange of agreements signed by the technical delegations of both nations and framed in this new cooperation project.

“We have taken a very important step in commercial development, we have great potential on both sides, it is not a free trade agreement but one which allows economic to complement each other and produce, since they do not compete against each other,” reported the Venezuelan foreign minister. in statements to the press.

For his part, Turkish ambassador, Şevki Mütevellioğlu, reiterated that the Trade Development Agreement between Turkey and Venezuela will establish adequate and reliable bases for entrepreneurs and investors to start and develop their businesses. “It is very important to motivate investors, and essential for a win-win relationship".

Finally, he noted that the existing relations between Turkey and Venezuela are based on friendship, brotherhood and mutual respect.

The Trade Development Agreement was announced by Presidents Nicolás Maduro and Recep Tayyip Erdogan in May 2018, and approved by the Ottoman Parliament in January this year.

Below, the agreements signed by both nations:

-Agreement to avoid double taxation and prevent tax evasion regarding income and wealth taxes.

-Letter of intent in Defense matters.

-Memorandum of understanding on mining cooperation.

-Letter of intent between Petróleos de Venezuela (Pdvsa) and Turkish Petroleum International Company, on the oil sector.

-Cooperation agreement for the establishment of the bilateral business council between Banco de Comercio Exterior (Bancoex) of Venezuela and the Council of Foreign Economic Relations of Turkey.

-Maritime transport agreement.

By E.C.V. & ASOCIADOS - 24/07/2020
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