Iran, Cuba to Form Shipping Company

A031190637.jpgIran and Cuba have signed a protocol to establish a shipping company to increase bilateral trade. Iranian Commerce Minister Masoud Mir Kazemi have said that “the accord also has a special importance for international trade between Iran and Latin America, and it will contribute to the solution of some currently existing problems”.

Kazemi, who last week attended a trade meeting in Havana of the Non-Aligned Movement, said that during the meeting “the Latin American countries, especially Cuba, Venezuela and Bolivia, expressed their wish to increase commercial exchange with the Islamic Republic”.

At the end of July, Iran and Cuba signed an accord on preferential tariffs to stimulate trade.

The month before, the two countries signed several memorandums of understanding and a document for the use of a 200 million euro ($289 million) loan from Tehran.

The loan allows Cuba to finance imports from Iran in the transport sector, mainly in railways material and vehicles, hydraulic machinery and materials for the energy sector.

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