Venezuela - Turkiye Economic Agreement

The Partial Economic Agreement between Venezuela and Turkey entered into force in August 2020, reducing or eliminating import tariffs between the countries, including for:

• Aluminium ores and concentrates
• Cobalt ores and concentrates
• Copper ores and concentrates
• Carbonates; lithium carbonate
• Nickel oxides and hydroxides
• Lithium oxide and hydroxide
• Heat pumps
• Electric accumulators; lithium-ion, including separators, whether or not rectangular (including square)
• Fertilizers

Rules of origin delineated in the Agreement state that goods may benefit from preferential tariff treatment of wholly produced in the parties territories or having undergone sufficient production processes there (eg. entailing changes in terms of tariff classification) or incorporating non-originating materials which value is below 25% - 50% of the ex-works price of the final product.

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