Venezuela

Political relations

On 19 June 2013, Venezuelan President Nicolas Maduro made an official visit to Paris, during which the decision was made to launch an “expanded partnership”. On 27 July 2016, the French Minister of Foreign Affairs and International Development, Mr Jean-Marc Ayrault, received his Venezuelan counterpart, Ms Rodriguez, in Paris. During that meeting, the Minister underlined France’s support for the negotiations conducted under the auspices of the Union of South American Nations (UNASUR) and France’s vigilance as to the fate of political opponents imprisoned in Venezuela. On 12 December 2017, the French Minister for Europe and Foreign Affairs, Mr Jean-Yves Le Drian, received his Venezuelan counterpart, Mr Arreaza, to stress France’s concern as to the worsening situation in Venezuela, to call for the resumption of credible negotiations, and to remind him, otherwise, of the imminence of European sanctions.

Economic relations

Trade between France and Venezuela primarily consists of major contracts, particularly in the sectors of hydrocarbons and urban transport. The profound economic crisis in Venezuela has had a major negative effect on our bilateral trade, the balance of which became negative for France in 2017. After peaking at €777 million in 2012, bilateral trade between the two countries stood at only €130 million in 2017, a drop of 68% on the previous year.

According to the Banque de France, our companies, with Total leading the way, invested an annual average of €460 million between 2005 and 2008, but investment in Venezuela has been negative since the global crisis. Venezuelan investments in France are very modest. Some 40 French companies are established in Venezuela (compared with about 100 in 2008), in the form of subsidiaries, branches or representative offices, in many areas of activity. Alongside the large dominant groups (Total, Alstom, Air France, L’Oréal, Sanofi-Aventis, Pernod Ricard, Lactalis, etc.) there are a number of independent entrepreneurs and SMEs.

Our partnership is supported by an agreement on reciprocal promotion and protection of investments (API), which came into force in April 2004 and is valid until 2019, and by sector-specific cooperation instruments (energy, transport and the social and inclusive economy). Venezuela, however, withdrew from the International Centre for Settlement of Investment Disputes (ICSID) in January 2012, raising the question of dispute resolution, particularly in the event of nationalization.