Havana, November 19 (RHC) -- Authorities from Cuba and Vietnam announced that they are working on the renegotiation of a new bilateral trade agreement, replacing the one signed in 1996, in line with current conditions and increasing economic ties between both nations.

During the inauguration of the 34th Intergovernmental Session for Economic and Scientific-Technical Cooperation held in Havana, officials from both nations acknowledged that the new agreement should be signed by the first quarter of 2017 and will contribute to exponentially increase trade.

Cuba's Minister of Foreign Trade and Investment, Rodrigo Malmierca, president of the forum for the Cuban side, said that they will strive to bring to fruition as soon as possible the pacts signed during the official visit of Vietnamese President Tran Dai Quang to Cuba, as well as actions included in the medium- and long-term economic agenda.

Pham Jong Ja, head of Vietnam Construction,  reaffirmed the interest of  Vietnamese businesses in reaching deals with Cuba and carrying out joint investments, especially in the Mariel Special Development Zone.