Published: Sat, December 08, 2018
People | By Leon Thompson

Turkey determined to enhance ties with Venezuela: Erdoğan

Turkey determined to enhance ties with Venezuela: Erdoğan

"Venezuela and Turkey have a transparent economic relationship of which gold is a component", said Erdogan.

Hit by low oil prices, mismanagement and the impact of USA sanctions, Venezuela is in freefall.

Russian Federation is a major political ally of Venezuela, and Russia's largest oil company, Rosneft, is heavily invested in the South American nation's oil fields, which produce less crude each month.

"We hope that high-level visits between [officials of] the two countries will increasingly continue", he added.

The United States and some European nations have sanctioned Maduro's administration in an attempt to pressure Venezuela into making a return to democratic ways.

Erdogan reiterated that he is the first Turkish president to visit Venezuela.

"The situation in the economic sphere [in Venezuela] remains hard, though some moderate signs of improvement can be observed".

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Caracas has made an effort to reduce dependence on US-led or -controlled financial institutions and instruments, including the dollar, and committed in September to trading in euros, yuan and "other convertible currencies" amid U.S. restrictions.

Venezuela, overwhelmed by hyperinflation, a severe shortage of commodities and a strong recession, has reportedly exported around $ 700 million worth of gold to Turkey.

His remarks came after a meeting with his Turkish counterpart, in which Maduro said the two leaders signed agreements on economic issues as well as on defense, education, and culture.

Maduro has repeatedly blamed a US-led economic war for the crisis, saying Washington is plotting to topple his government.

Turkish President Tayyip Erdogan recently slammed US sanctions on Venezuela, while meeting with the socialist nation's President Nicolas Maduro.

He also said Turkey plans to build a mosque in Caracas at Venezuela's request.

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