MOSCOW, Russia – Russia and Guinea-Bissau have taken steps to strengthen their economic and trade relations by signing a memorandum of understanding, officials announced on February 26.

The agreement, signed ahead of a state visit by Guinea-Bissau’s President Umaro Sissoco Embaló to Moscow, establishes a consultation mechanism aimed at boosting bilateral trade and investment collaboration. Russian Minister of Economy Maxim Reshetnikov and Guinea-Bissau’s Minister of Economy, Planning, and Regional Integration Soares Sambu formalized the memorandum.

According to the document, the agreement seeks to:

• Strengthen trade ties between the two nations;
• Support socio-economic development initiatives;
• Promote investment opportunities;
• Facilitate the exchange of relevant economic information.

Reshetnikov emphasized the significance of the agreement, stating, “The memorandum will allow Russia and our colleagues from Guinea-Bissau to maintain a regular and constructive dialogue between the business communities of our countries on issues of trade development, elimination of obstacles to the free movement of goods and services, as well as modernization of the regulatory framework in the economic sphere.”

To oversee the implementation of these initiatives, a working group will be established. The memorandum takes effect immediately upon signing and will remain in force for five years.

Source: SputnikAfrica