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Last Updated:2/26/09

Cuban Trade with Venezuela

Recent History

2000 - October - Castro and Venezuelan President Hugo Chávez sign the Integral Cooperation Accord, which begins the exchange of subsidized Venezuelan oil for Cuban goods and services.

2001 - Cuban exports of goods and services to Venezuela total $34 million

August - Castro celebrates his 75th birthday with Chávez. Chávez's present is a revision to the 2000 Accord, stating that Venezuela will now compensate Cuba in hard currency for all Cuban products and services that were originally intended as in kind payment for Venezuelan oil.

2003 - Cuban exports to Venezuela total more than $150 million.

2004 - December - Chávez and Castro form ALBA, the Bolivarian Alternative for the Americas, as an alternative to the FTAA (Free Trade Area of the Americas) proposed by the U.S.

2005 - April - As part of ALBA, Chávez and Castro sign 49 joint agreements in commerce, energy and oil, finances, agriculture, communications, banking, health care and education. Some of the agreements include:

  • The state-owned Venezuelan oil company, PDVSA opened a new headquarters in Havana
  • Venezuela will continue sending low-cost oil to Cuba - the supply has risen to 90,000 barrels a day.
  • Cuba will expand medical programs in Venezuela by sending 20,000 of its own doctors and training 60,000 new doctors and technicians in Cuba. In exchange, Venezuela will reduce Cuba’s oil payments by $1 billion each year
  • Venezuelan products, including food, footwear, clothes and furniture will enter Cuba duty free and will be offered to the Cuban population at reasonable prices


Cuban President Fidel Castro and Venezuelan President Hugo Chávez [Associated Press]

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