Sunday, December 13, 2009

Bilateral Relations: Cuba, Venezuela sign $3.2 billion trade deal, 285 accords

Cuba's President Raul Castro and his Venezuelan counterpart Hugo Chavez are signing economic co-operation deals worth $3.2bn (£1.96bn), BBC reported.

The documents cover 285 accords in areas including energy, sport and technology.

The new deals will give Venezuela a greater involvement in oil exploration off the Cuban coast.

Cuba also agrees to buy more than $400m (£246m) worth of Venezuelan goods, including food, tyres and clothes.

The BBC's correspondent in Havana Michael Voss says the agreement will provide an economic lifeline to the communist-run island.

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