Cuba, Russia eye closer economic cooperation

Cuba and Russia have just signed an action plan to boost bilateral economic cooperation for the 2013-2014 period, an official newspaper said Wednesday. The document, hammered out Tuesday at the fifth Session of the Cuba-Russia Enterprise Committee, calls for actions to boost cooperation in key economic sectors, reported Cuban daily Granma. Also, the two countries signed on Monday a letter of intent to develop and strengthen mutually beneficial collaboration in trade, investment, agriculture, finance, culture, education and energy for 2012 to 2020. They also agreed to work together in customs, maritime permits, and the provision of equipment for local electricity supply networks, among others. Russia is a main economic partner of Cuba. Bilateral trade reached 137 million U.S. dollars in the first seven months of 2012, representing an increase of 17.5 percent year on year, according to the Russian Ministry of Economic Development. Cuban leader Raul Castro visited Russia in July, where he met with Russian leaders and signed agreements to enhance bilateral economic and political ties.