TEHRAN - Iran and Cuba have finalized a roadmap for barter trade between the two countries and signed a document in this regard during the 18th meeting of their joint economic committee in Tehran on Tuesday.

As reported by the portal of Iran’s Trade Promotion Organization (TPO), the document was signed by Iran’s Deputy Industry Minister for Commercial and Trade Affairs Mohammad-Sadegh Mofatteh and Cuba's Deputy Prime Minister Ricardo Cabrisas Ruiz.

During the meeting, the officials explored the existing capacities and market needs of the other side in various fields and good agreements were reached for long-term cooperation in order to improve the level of trade exchanges.

The two countries also stressed the need for developing industrial, mining, and trade cooperation between the two countries during the mentioned event.

Attended by senior officials and representatives of various economic sectors from both sides, the 18th meeting of the Iran-Cuba Joint Economic Committee was held in Tehran during May 15-17.

As the special envoy of the Cuban president, Cabrisas Ruiz headed a high-ranking delegation to Iran with the aim of meeting with the officials of the Islamic Republic and attending the meeting of the two countries’ joint economic committee.

During his stay in Tehran, Cabrisas Ruiz also met with Iranian Finance and Economic Affairs Minister Ehsan Khandouzi, during which he stressed the expansion of economic ties between the two countries.

Speaking in this meeting, Khandouzi stated that the Iranian government has always welcomed the establishment of long-term and stable economic relations with Latin American countries, especially Cuba, the Economy Ministry’s news portal Shada reported.

“Given the excellent political relations between the two countries, Cuba is of particular importance to the Islamic Republic of Iran,” he added.

Referring to the history of cooperation between the two countries in the fields of health and agriculture, Khandouzi emphasized the need to improve economic relations between the two countries and said: “We are expected to take more serious steps to develop cooperation and implement agreements.”

The minister further pointed to the lack of proper knowledge regarding business and economic opportunities and advantages of trade and investment between the two countries as the most important reason for the weak trade collaborations between Iran and Cuban private sectors.

He then announced Iran’s readiness to hold online meetings with the presence of representatives of the government and private sectors of Iran and Cuba in order to exchange knowledge about the business and investment opportunities of the two countries.

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Photo: Cuba's Deputy Prime Minister Ricardo Cabrisas Ruiz (L) and Iran’s Deputy Industry Minister for Commercial and Trade Affairs Mohammad-Sadegh Mofatteh sign a document for barter trade between the two countries on Tuesday in Tehran.