Cuba and Russia have signed a new agreement aimed at increasing trade and technical co-operation between the old Cold War allies, the state-run media said Tuesday. The agreement has "the objective of strengthening, deepening and enlarging trade, investment and links in the key sectors" of the Cuban economy, said the AIN agency.
Moscow was Cuba's main ally and source of economic support for three decades until the collapse of the Soviet Union, but now ranks only ninth as a trading partner with only $224 million in trade in 2011.
"Despite some progress, trade levels between the two countries remain much below what they should be," said Ricardo Cabrisas, vice president of the Cuban council of ministers, who signed the agreement with Russian Trade Minister Denis Manturov. President Raul Castro travelled to Moscow in July as part of a tour that also took him to China and Vietnam.