Ukraine and Spain explore areas of economic cooperation

THE Governments of Ukraine and Spain held a formal meeting to discuss areas of economic cooperation and how to expand their relationship.

In the first six months of the year, total trade between the two countries amounted to just under €1 billion with the Ukraine taking the lion’s share at €700 million.

Although it does have reasonable reserves of natural gas, the Ukraine lost a huge amount when Russia annexed the Crimea and is now looking to increase energy efficiency at which Spain has developed significant expertise.

During the meeting, a Memorandum of Understanding was signed which opens up opportunities for regular exchange of experiences and best practices to develop the agricultural industry of both countries, as well as to strengthen interaction in the field of agro-food trade.

The implementation of the Memorandum will promote bilateral trade in agro-food products and systematic interaction in agriculture and food industry and takes effect from the day of its signing for a three-year period with an automatic continuation of a further three years.