In a post-world war economic and political context, the signing of the "Modified Reciprocal Trade agreement between the United States of Venezuela and the United States of America" appears on August 28, 1952. Under the auspices of right wing dictatorial regime, Venezuela was changing the course of its international politics and its leaders wanted to stimulate foreign investment, particularly from oil companies. However, in March 1959 the United States imposed the "Mandatory Import Program." The treaty with Venezuela was thus unilaterally broken. In 1962, President Kennedy introduced an even more discriminatory Petroleum Restrictions Program in violation of the Treaty. Venezuela's denunciation of the agreement was officially notified to the United States ambassador in Caracas on December 31, 1971.
Keywords:
Oil, Venezuela, United States, Treaties, Reciprocal Trade
Claverie Rodríguez, H. L., Echeverría, P. L., & Villalba Vera, J. A. (1972). El tratado modificado de reciprocidad comercial entre Venezuela y los Estados Unidos. Estudios Internacionales, 5(19), p. 91–102. https://doi.org/10.5354/0719-3769.1972.17697
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