Turkey and Venezuela Map Route to Boost Trade to $3 Billion

Turkish President Recep Tayyip Erdogan and Venezuela's acting president, Delcy Rodríguez, held a high-level meeting in Istanbul to chart a course for substantially increasing bilateral trade. The two administrations have set an ambitious goal to elevate trade volume from the current $448 million to $3 billion, according to an official report from the Turkish presidency.

The meeting took place at the Dolmabahçe Palace, a venue President Erdogan frequently uses for working sessions with foreign heads of government. Rodríguez arrived in Istanbul on Sunday, accompanied by a delegation of key ministers, including the foreign minister, minister of tourism, minister of science and technology, minister of transport, minister of foreign trade, and the minister of communication. They were met by Turkish Vice President Cevdet Yilmaz and ministers of foreign affairs, energy and natural resources, industry and technology, and trade.

During the working session, Erdogan reaffirmed Ankara's political support, stating that Turkey "would always stand by the Venezuelan people." Both leaders agreed on the priority of energizing joint exploitation agreements in general trade, energy, and mining sectors. Erdogan has historically maintained a close relationship with former Venezuelan President Nicolás Maduro, whom he once called a "brother."

Currently, trade between Ankara and Caracas stands at approximately one-sixth of the newly proposed target. In 2025, total trade reached $448 million, with Turkey importing $251 million worth of Venezuelan products and exporting $197 million to Venezuela. This balance indicates a significant gap to bridge to reach the $3 billion goal, but the renewed focus on cooperation suggests a strong commitment from both nations to expand their economic ties.