Venezuela Major Trade Agreements
There are no preferential trade agreements between Venezuela and the EU. Trade relations between the EU and Venezuela are based on World Trade Organization (WTO) rules and tariffs. Venezuela`s main trading partners are the United States, China, Brazil, Colombia, Mexico and the Netherlands. The country wants to improve and develop its trade relations with the South American area, the EU and China. Venezuela entered Mercosur in 2012 to expand trade with its neighbors, but was excluded in 2016 for violating democratic treaty clauses. The United States remains Venezuela`s largest oil customer and largest trading partner. The country buys oil at market prices, making it the main source of foreign exchange for Venezuela. The trade balance was $11 billion in 2016 (latest data available). According to the WTO, the country imported $11.7 billion worth of goods in 2018 and exported $34.4 billion over the same period. However, exports have almost halved since 2009, due in part to lower oil prices. EU trade with Venezuela is affected by Venezuela`s ongoing economic crisis. According to the latest available data, Venezuela`s foreign trade accounted for 67.2% of GDP in 2017.
The country`s economy is highly dependent on hydrocarbons and loans from China and Russia. Traditionally, oil accounts for more than 95% of Venezuela`s exports. Other exports include acyclic alcohol (0.7%), iron ore (0.3%) and ferrous products (0.2%). The country imports mainly medicines (5.7%), tubes and pipes (2%), meat (1.9%), maize (1.8%), structures and their parts (1.7%). Venezuela is therefore not part of the EU-Mercosur trade agreement. The climate of trade and investment in Venezuela remains a challenge for EU operators, particularly given the economic policies and controls put in place in recent years, such as currency and price controls, expropriation and other forms of state intervention in the economy. EU foreign investment has increased from 21.4 billion euros in 2013 to 12.9 billion euros in 2018. To go further, look at our service import orders and export orders. . Place the mouse on an argument number in the table below to see the title of the dispute. Click on the discord number to access a page with detailed information about this dispute.
Venezuela became a full member of Mercosur on 31 July 2012. The founding countries of Mercosur decided in August 2017 to suspend Venezuela`s membership indefinitely. List of local tariffs and taxes that apply to your product on our service duties and local taxes. Unless otherwise stated, you keep in mind the “EU concerns” for all the years indicated, the Current European Union with 27 Member States. On this page you will find important information on the participation of the Bolivarian Republic of Venezuela in the WTO. The Bolivarian Republic of Venezuela has been a member of the WTO since 1 January 1995 and a member of the GATT since 31 August 1990. You`ll find the explanation and background in the TPR gateway.