Turkiye and Cuba Sign “Economic-Commercial Cooperation Program and Roadmap”

Turkiye and Cuba have officially signed the “2024-2026 Economic-Commercial Cooperation Program and Roadmap,” marking a significant milestone in the strengthening of bilateral ties. Minister of Trade, Ömer Bolat, announced the successful conclusion of negotiations over the final details of the program in a social media post. The agreement was reached during a meeting between Minister Bolat and Cuban Deputy Prime Minister Ricardo Cabrisas Ruiz at the Ministry of Trade.

The Economic-Commercial Cooperation Program and Roadmap, initiated and gained momentum during the visit of Cuban Prime Minister in June 2023, outlines comprehensive steps to enhance trade and economic relations between the two countries over the next two years. Minister Bolat emphasized the importance of this roadmap, stating, “We believe that this roadmap, which comprehensively outlines the steps to further strengthen our commercial and economic ties, is a significant step that will greatly enhance our relationship.”

Highlighting the increased interest of Turkish businesspersons in the Cuban market, Bolat pointed out that the bilateral trade volume between the two countries had surged by approximately 60% last year, reaching $81 million. He further elaborated on the 41-point action plan outlined in the roadmap, addressing areas such as trade, investments, legal infrastructure, industry, technical cooperation, finance, transportation, energy, agriculture, health and pharmaceuticals, culture, tourism, and education, with the aim of advancing relations in these sectors.

In an official statement from the Ministry of Trade, it was highlighted that the signed Program and Roadmap will deepen commercial cooperation, improve the business environment, and contribute to increased trade and investments between Turkiye and Cuba. The statement also noted that the agreements on Mutual Promotion and Protection of Investments, as well as the Prevention of Double Taxation, signed by Ministers Bolat and Ruiz during the Deputy Prime Minister’s visit, will complete the legal framework for bilateral trade and economic relations.

“The Program and Roadmap, along with the solid legal foundation established by the signed agreements, will guide future steps between our countries. Our priority is to swiftly implement the actions outlined in the roadmap. To achieve this, we will regularly monitor the process, encouraging and supporting our business communities to be more active in Cuba,” the statement concluded.

source: / prepared by Melisa Beğiç

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