Turkey and Venezuela Target $3 Billion in Bilateral Trade

Turkish President Recep Tayyip Erdogan and Venezuela's interim president, Delcy Rodríguez, met in Istanbul to discuss significantly boosting bilateral trade. The leaders aim to elevate their current trade volume of $448 million to $3 billion, according to a statement from the Turkish Presidency.

The meeting took place at the Dolmabahçe Palace, a venue often used for informal working sessions with foreign leaders. Rodríguez arrived in Istanbul from India, accompanied by several Venezuelan ministers, including those for foreign affairs, tourism, science and technology, transport, foreign trade, and communication. On the Turkish side, Vice President Cevdet Yilmaz and ministers of foreign affairs, energy, industry, and trade were present.

Erdogan assured Rodríguez that Turkey "would always stand by the Venezuelan people." Discussions focused on enhancing cooperation in commerce, energy, and mining. The Turkish president has historically maintained strong relations with Venezuela, previously referring to Nicolás Maduro as his "brother."

Currently, Venezuela's bilateral trade with Turkey stands at $448 million, with $251 million in Turkish imports from Venezuela and $197 million in exports. This figure is considerably lower than Turkey's trade with other South American partners like Brazil and Colombia. Venezuela's exports are predominantly oil-based, and Turkey is an importer of crude oil.

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Turkey would always stand by the Venezuelan people.