Venezuela and Turkey have inked many agreements on cooperation in tourism, banking, and agriculture, according to Venezuelan President Nicolas Maduro during his meeting with Turkish counterpart Recep Tayyip Erdogan.

"We have just signed three new important agreements in the spheres of tourism, agriculture, and finances," Maduro said at a press conference on late Wednesday. He also praised Turkish investments in Venezuela's economy.

Erdogan, for his part, emphasized that the two countries have the potential to expand their commerce, energy, extraction, healthcare, tourist, and agricultural cooperation.

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The Turkish leader stated that bilateral trade might reach $1 billion this year, pledging to increase it to $5 billion.

Venezuelan President Nicolas Maduro arrived in Istanbul on Wednesday as part of his tour of Eurasian countries.

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According to Erdogan, trade between Turkey and Venezuela has increased to about $850 million in recent years. Venezuela's gold trade with Turkey has increased as US sanctions have cut off Caracas's other sources of money.

During a joint press conference with Maduro, Erdogan said that Turkey opposes the "one-sided" sanctions imposed on Venezuela. "We will always stand with Venezuela's friendly and brotherly people," he said, adding that he planned to visit Caracas next month.

Manduro hailed Turkey for its assistance during the COVID-19 pandemic and announced the signing of three agreements on banking, agriculture, and tourism.

Erdogan added that he would visit Venezuela in July.

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