Cuba and the Democratic People’s Republic of Korea (North Korea) have added two additional protocols to a growing list of cooperation deals between the two countries.
Prensa Latina reports that two protocols, one on trade and the other on science and technological development, were signed by the Cuban Minister of Foreign Trade and Foreign Investment, Rodrigo Malmierca and North Korean Ambassador to Cuba, Pak Chang Yul at the Ministry of Foreign Trade and Foreign Investment in Havana, Cuba this week.
The trade protocol is an interesting one as it will be based on bartering, that is, payment for goods and services via other goods and services, as opposed to cash. The exchange of goods is expected to help Cuba obtain inputs for its sugar industry and railway system.
Cuba and North Korea have enjoyed strong relations since 1960 (the height of the Cold War) and both countries are subject to heavy US economic sanctions. According to Diario de Cuba, Cuba and North Korea already have cooperation agreements in a number of sectors, including education, oil, agriculture and trade.
For further information, please see the full news report from Prensa Latina (In Spanish).
Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. The Author is not affiliated with the World Bank, the Caribbean Association of Banks or any bank. You can read more of her commentaries and follow her on Twitter @LicyLaw.