The Turkish Foreign Minister Mevlut Cavusoglu and his counterpart Jorge Arreaza met in Caracas where the deal was signed as part of Turkey's new economic plan, to try to stabalise Turkey's lira.
Turkey is eager to use local currencies in bilateral trade deals to counter efforts by the US, Turkey’s foreign minister said late Friday
"We are so keen actually to use local currencies in our bilateral trade, not only between Turkey and Venezuela, but also between Turkey and other countries," Mevlut Cavusoglu said at a joint press conference in Caracas with his Venezuelan counterpart Jorge Arreaza.
Cavusoglu added that since the US administration has been using the dollar as a tool to attack other countries’ economies, many countries have been trying to use local currencies in trade.
He added that Turkey is not against the currency of any country, but currencies should not be used as instruments to attack other nations' economies.
Cavusoglu said Turkey became a target recently which is why it experienced fluctuations in its currency.
"But we have been standing very strong and taking all measures to make our economy more stable," he said.
Regarding Turkish-Venezuelan relations, Cavusoglu said Turkey and Venezuela’s presidents are "like brothers".
"Venezuela has been passing through a critical period, and we are doing our best to support it," he said.
Cavusoglu said economic cooperation between the two countries has deepened – a development that both countries have benefitted from.
He said Turkish Airlines has also discovered the potential of Venezuela and increased the frequency of its flights to Caracas to seven times a week.
Venezuelan Foreign Minister Arreaza, for his part, said Turkey and Venezuela have brotherly relations.
Arreaza said Turkey supported Venezuela when the latter was under an economic blockade.
Two agreements were signed during Cavusoglu’s visit in fields such as tourism, fisheries and agriculture.
Later, Cavusoglu also met with Venezuelan President Nicolas Maduro.
Cavusoglu later held a press conference with Vice President Delcy Rodriguez where he said Turkey "will stand by the Venezuelan state and people under all circumstances".