During the XX century, the Venezuelan State gave an incentive to foreign investment. In
1952, a Commercial Reciprocity Treaty was signed with the USA,
tariffs for oil exports from Venezuela and in compensation, the USA strengthen its presence
in sectors like oil, iron mining, manufacture and finances. Venezuela offered security to
investments and energetic supply. This was evidenced during World War II and, in 1955,
with the support given to President Eisenhower in the controversial issue of Taiwan.
was not rewarded with a fair treatment to Venezuela’s petroleum, which is why in 1970,
Caldera suggested Nixon in a visit to the USA, the problem of oil prices, the discrimination
toward Venezuela and advocated for a hemispheric treatment, while Foreign Secretary
Calvani denounced at the United Nations (UN), the 10% tax imposed by Nixon to oil
In 1974, Carlos Andrés Perez also questioned at the UN the first world’s position toward
developing countries and defended Venezuelan participation in the OPEC, not as apolitical
weapon, but that of search of a fairer order. It was evidenced that Latin America was not in
the USA’s priorities, because they were looking out of the continent, due to the Cold War.
In 1975, the USA discriminated Venezuela of the Generalized System of Preferences (GSP)
for being a member of the OPEC, measure that was qualified as unfriendly, and made it
necessary for State Secretary Henry Kissinger to visit Venezuela to initiate a petroleum
dialogue.
In the beginning of the 80’s, the reduction of controls decided by Ronald Reagan allowed to
review the bilateral relations and the elimination of the irritating tax to Venezuela’s
petroleum. PDVSA initiated the strategy of internationalization of the oil business and the
acquisition, at the beginning of the 90’s, of CITGO Petroleum Co., a company based in
33
The Commercial Reciprocity Treaty between Venezuela and the USA of 1952, substituted the one originally signed in
1939.
34
Ministry of Foreign Relationships, Caracas: Diplomatic Relationships Venezuela-United States of America (1834-1999).
35
Arístides Calvani, Venezuela’s Foreign Secretary, expressed at the General Assembly of the United Nations of 1970:
“Once again developing countries have been excluded from the participation they should have in the decisions which
seriously concern them”. Ibid, MRE.
36
Ibid, MRE.
15
Convention