Venezuela

Wikipedia Country Information

Venezuela ( VEN-ə-ZWAYL-ə; American Spanish: [beneˈswela]), officially the Bolivarian Republic of Venezuela (Spanish: República Bolivariana de Venezuela), is a federal republic located on the northern coast of South America. It is bordered by Colombia on the west, Brazil on the south, Guyana on the east, and the islands of Trinidad and Tobago to the north-east. Venezuela covers 916,445 km2 (353,841 sq mi) and has over 31 million (31,775,371) people. The country has extremely high biodiversity (ranked 7th in the world's list of nations with the most number of species), with habitats ranging from the Andes Mountains in the west to the Amazon Basin rain-forest in the south, via extensive llanos plains and Caribbean coast in the center and the Orinoco River Delta in the east.
The territory now known as Venezuela was colonized by Spain in 1522 amid resistance from indigenous peoples. In 1811, it became one of the first Spanish-American colonies to declare independence, which was not securely established until 1821, when Venezuela was a department of the federal republic of Gran Colombia. It gained full independence as a separate country in 1830. During the 19th century, Venezuela suffered political turmoil and autocracy, remaining dominated by regional caudillos (military strongmen) until the mid-20th century. Since 1958, the country has had a series of democratic governments. Economic shocks in the 1980s and 1990s led to several political crises, including the deadly Caracazo riots of 1989, two attempted coups in 1992, and the impeachment of President Carlos Andrés Pérez for embezzlement of public funds in 1993. A collapse in confidence in the existing parties saw the 1998 election of former coup-involved career officer Hugo Chávez and the launch of the Bolivarian Revolution, beginning with a 1999 Constituent Assembly to write a new Constitution of Venezuela. This new constitution officially changed the name of the country to República Bolivariana de Venezuela (Bolivarian Republic of Venezuela).
Venezuela is a federal presidential republic consisting of 23 states, the Capital District (covering Caracas), and federal dependencies (covering Venezuela's offshore islands). Venezuela also claims all Guyanese territory west of the Essequibo River, a 159,500-square-kilometre (61,583 sq mi) tract dubbed Guayana Esequiba or the Zona en Reclamación (the "zone being reclaimed"). Venezuela is among the most urbanized countries in Latin America; the vast majority of Venezuelans live in the cities of the north, especially in the capital (Caracas) which is also the largest city in Venezuela.
Oil was discovered in the early 20th century, and Venezuela has the world's largest known oil reserves and has been one of the world's leading exporters of oil. Previously an underdeveloped exporter of agricultural commodities such as coffee and cocoa, oil quickly came to dominate exports and government revenues. The 1980s oil glut led to an external debt crisis and a long-running economic crisis, in which inflation peaked at 100% in 1996 and poverty rates rose to 66% in 1995 as (by 1998) per capita GDP fell to the same level as 1963, down a third from its 1978 peak. The recovery of oil prices in the early 2000s gave Venezuela oil funds not seen since the 1980s. The Venezuelan government then established populist policies that initially boosted the Venezuelan economy and increased social spending, significantly reducing economic inequality and poverty. However, such policies later became controversial, as their excesses – especially a uniquely extreme fossil fuel subsidy – are widely blamed for destabilizing the nation's economy and creating a crisis in Bolivarian Venezuela, resulting in hyperinflation, an economic depression, and drastic increases in poverty, disease, child mortality, malnutrition, and crime.


Instruments ratified: 95 / 282
World Average Ratifications: 114 / 282
Ratification rate: 37.84%
World Average Rate: 41.25%
Weighted score: 42.70%
World Average Weighted Score: 41.25%
World rank: 107 / 194
Developing country rank: 52 / 87
Developing country Avg. Ratifications: 109 / 282
South America rank: 9 / 13
South America Avg. Ratifications: 111 / 282
CONTRACTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Agency0/20.00%2.00%8Weak
Conflict of laws0/70.00%3.00%27Weak
E-commerce1/3 (33.33%)33.33%18.00%33Strong
Franchising0/10.00%0.00%1Average
Leasing/Factoring0/20.00%5.00%13Weak
Principles, trade usages and standards0/20.00%0.00%1Average
Procurement0/40.00%3.00%31Weak
Sale of Goods0/50.00%25.00%89Weak
Travel contracts0/10.00%3.00%7Weak
Total17.25%9.00%94Weak
 
CUSTOMSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Customs Codification2/3 (66.67%)100.00%78.00%1Strong
Customs Cooperation0/60.00%26.00%117Weak
Exemption from Duties2/9 (22.22%)22.22%30.00%92Weak
Temporary Admission0/110.00%28.00%126Weak
Transit0/40.00%28.00%98Weak
Total411.96%31.00%132Weak
 
DISPUTE RESOLUTIONInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Arbitration2/6 (33.33%)50.00%32.00%29Strong
Judicial cooperation3/5 (60.00%)78.95%36.00%42Strong
Recognition of foreign judgments0/20.00%2.00%6Weak
State court jurisdiction0/40.00%14.00%29Weak
State court procedure0/10.00%6.00%12Weak
State immunities 0/10.00%11.00%22Weak
Total550.00%29.00%44Strong
 
ENVIRONMENT AND PRODUCTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Air4/5 (80.00%)80.00%86.00%59Weak
Chemicals1/1 (100.00%)100.00%78.00%1Strong
Energy0/20.00%25.00%50Weak
Flora and fauna8/10 (80.00%)82.61%68.00%29Strong
Foodstuff2/2 (100.00%)100.00%79.00%1Strong
General0/10.00%95.00%185Weak
International watercourses0/10.00%18.00%36Weak
Maritime and Law of the Sea10/26 (38.46%)41.30%46.00%118Weak
Protected geographical areas 1/1 (100.00%)100.00%27.00%1Strong
Waste1/1 (100.00%)100.00%93.00%1Weak
Total2760.94%61.00%105Weak
 
FINANCE, PAYMENTS AND INSOLVENCYInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Assignment of receivables0/10.00%1.00%2Weak
Bankruptcy and insolvency0/10.00%21.00%41Weak
Bills of exchange and promissory notes0/40.00%8.00%43Weak
Cheques0/30.00%13.00%36Weak
Credit transfers0/10.00%0.00%1Average
International guarantees0/30.00%20.00%75Weak
Total00.00%12.00%117Weak
 
GOOD GOVERNANCE Inst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Corruption2/4 (50.00%)66.67%50.00%34Strong
Cultural Property2/4 (50.00%)50.00%54.00%61Weak
Drugs3/3 (100.00%)100.00%95.00%1Weak
Insider Trading0/10.00%4.00%9Weak
Organized crime2/2 (100.00%)100.00%80.00%1Strong
Total975.00%68.00%56Average
 
HUMAN RIGHTS AND LABOUR STANDARDSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Human Rights6/7 (85.71%)85.71%96.00%143Weak
Labour Standards1/8 (12.50%)12.50%86.00%178Weak
Total746.67%91.00%178Weak
 
INSTITUTIONAL PARTICIPATIONInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Dispute Resolution0/10.00%39.00%77Weak
International Trade Law 9/10 (90.00%)90.00%73.00%34Strong
Trade support institutions2/6 (33.33%)33.33%51.00%114Weak
Total1164.71%63.00%79Weak
 
INTELLECTUAL PROPERTYInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Broadcasting1/1 (100.00%)100.00%47.00%1Strong
Copyright2/3 (66.67%)54.55%65.00%94Weak
Industrial designs0/20.00%31.00%82Weak
Integrated circuits0/10.00%2.00%4Weak
Neighboring Rights2/3 (66.67%)61.54%46.00%73Strong
Origin0/30.00%14.00%51Weak
Patents1/5 (20.00%)23.81%57.00%153Weak
Trademarks0/60.00%33.00%124Weak
Varieties of plants0/10.00%37.00%73Weak
Total625.26%42.00%124Weak
 
INVESTMENTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Investment disputes1/2 (50.00%)50.00%39.00%2Strong
Investment guaranty1/1 (100.00%)100.00%93.00%1Weak
Total266.67%57.00%2Strong
 
PRODUCTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Marine Resources1/1 (100.00%)100.00%24.00%1Strong
Timber1/1 (100.00%)100.00%31.00%1Strong
General1/1 (100.00%)100.00%92.00%1Weak
Total3100.00%53.00%1Strong
 
TRANSPORT AND TELECOMMUNICATIONSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Air transport2/7 (28.57%)38.10%59.00%143Weak
Aircrafts and civil aviation 5/9 (55.56%)76.00%74.00%80Weak
Maritime shipping and load lines 9/13 (69.23%)82.86%66.00%73Strong
Maritime transport0/120.00%27.00%180Weak
Multi modal transport 0/20.00%4.00%15Weak
Rail transport0/30.00%22.00%50Weak
Road transport0/40.00%31.00%86Weak
Space2/4 (50.00%)66.67%40.00%55Strong
Telecommunications1/2 (50.00%)83.33%47.00%26Strong
Total1943.92%50.00%121Weak
 
TREATIES LAWInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
General0/40.00%30.00%113Weak
Total00.00%30.00%113Weak
 
WTOInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Plurilateral Agreements0/20.00%18.00%45Weak
WTO Agreements1/1 (100.00%)100.00%81.00%1Strong
Total145.45%47.00%45Weak
 
Strong
ContractsE-commerce
CustomsCustoms Codification
Dispute resolutionArbitration
Dispute resolutionJudicial cooperation
Environment and productsChemicals
Environment and productsFlora and fauna
Environment and productsFoodstuff
Environment and productsProtected geographical areas
Good Governance Corruption
Good Governance Organized crime
Institutional ParticipationInternational Trade Law
Intellectual propertyBroadcasting
Intellectual propertyNeighboring Rights
InvestmentsInvestment disputes
ProductsMarine Resources
ProductsTimber
Transport and telecommunicationsMaritime shipping and load lines
Transport and telecommunicationsSpace
Transport and telecommunicationsTelecommunications
WTOWTO Agreements
 
Average
ContractsFranchising
ContractsPrinciples, trade usages and standards
Finance, payments and insolvencyCredit transfers
 
Weak
ContractsAgency
ContractsConflict of laws
ContractsLeasing/Factoring
ContractsProcurement
ContractsSale of Goods
ContractsTravel contracts
CustomsCustoms Cooperation
CustomsExemption from Duties
CustomsTemporary Admission
CustomsTransit
Dispute resolutionRecognition of foreign judgments
Dispute resolutionState court jurisdiction
Dispute resolutionState court procedure
Dispute resolutionState immunities
Environment and productsAir
Environment and productsEnergy
Environment and productsGeneral
Environment and productsInternational watercourses
Environment and productsMaritime and Law of the Sea
Environment and productsWaste
Finance, payments and insolvencyAssignment of receivables
Finance, payments and insolvencyBankruptcy and insolvency
Finance, payments and insolvencyBills of exchange and promissory notes
Finance, payments and insolvencyCheques
Finance, payments and insolvencyInternational guarantees
Good Governance Cultural Property
Good Governance Drugs
Good Governance Insider Trading
Human Rights and Labour StandardsHuman rights
Human Rights and Labour StandardsLabour Standards
Institutional ParticipationDispute Resolution
Institutional ParticipationTrade support institutions
Intellectual propertyCopyright
Intellectual propertyIndustrial designs
Intellectual propertyIntegrated circuits
Intellectual propertyOrigin
Intellectual propertyPatents
Intellectual propertyTrademarks
Intellectual propertyVarieties of plants
InvestmentsInvestment guaranty
ProductsGeneral
Transport and telecommunicationsAir transport
Transport and telecommunicationsAircrafts and civil aviation
Transport and telecommunicationsMaritime transport
Transport and telecommunicationsMulti modal transport
Transport and telecommunicationsRail transport
Transport and telecommunicationsRoad transport
Treaties lawGeneral
WTOPlurilateral Agreements

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