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Spain and Cuba sign economic cooperation agreement

Staff writer ▼ | November 9, 2015
The Ministers of Economy and Competitiveness of Spain, Luis de Guindos, and of Foreign Trade of Cuba, Rodrigo Malmierca, signed a Memorandum of Understanding on economic cooperation.
Spain and Cuba
Cooperation   The creation of a Working Group on Trade and Investment
Meanwhile, the Spanish Minister of R+D+i and the Cuban Minister of Science, Technology and the Environment closed a collaboration agreement with the Spanish Centre for Industrial Technological Development (CDTI) in order to provide funding for projects of common interest.

According to De Guindos, the commitment on economic cooperation involves the creation of a Working Group on Trade and Investment, which will provide the institutional framework necessary to improve the bilateral economic relations.

It will also enhance the promotion of trade, identifying new areas for cooperation and making it easier to overcome any obstacles that may arise in the process.

The Working Group will be chaired by the Minister of Foreign Trade and Foreign Investment of Cuba and the Secretary of State for Trade of Spain, who will assess the economic relations between the two countries with a view to facilitating commercial exchanges.

The Cooperation Agreement with CDTI plans to boost development projects in priority areas, such as information technology and communications, food and agriculture, biotechnology, electronics, logistics and transportation, chemicals, climate change and renewable energy.

According to the Spanish official, the agreements reached will open new opportunities for Spanish companies on the island and promote the transfer of knowledge and exchange of experience, business missions and greater contact in the private sector.