The European Union has signed a first-ever bilateral trade agreement with Cuba, according to a statement from the EU delegation to Cuba.
The EU-Cuba Political Dialogue and Cooperation Agreement (PCDA) is seen as a “historic step” in normalizing diplomatic and economic relations with the Caribbean island nation. The signing made official a preliminary agreement between the two in March, negotiations for which began back in April 2014.
The agreement includes three main chapters on political dialogue, cooperation and sector policy dialogue, focusing on modernizing the Cuban economy, promoting trade, fostering sustainable development, democracy and human rights, and finding common solutions to global challenges,
The PCDA still requires ratification by the European Parliament , until then it will remain provisional.
According to the EU, “the aim of the PDCA is to create a more predictable and transparent atmosphere for economic operators and increase their economic capacity to produce, trade and create jobs, but it does not establish a free trade area between the parties or cover investment protection” .
“The agreement will contribute to enriching an intense historical and culturally relationship and to further develop political, cultural, commercial, financial, scientific, academic, sports and cooperation ties”, as the Cuban foreign minister said.
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