Ahead of a meeting between the heads of state, Russia and Guinea-Bissau signed a memorandum of understanding to establish a consultation mechanism for their economic, trade, and investment collaboration.
The memorandum was signed by Maxim Reshetnikov, the Minister of Economy of Russia, and Soares Sambu, the Minister of Economy, Planning and Regional Integration of Guinea-Bissau.
The objectives of the agreement are:
To boost bilateral trade;
To contribute to the socio-economic development of both countries;
To encourage trade initiatives;
To exchange information on relevant matters.
“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," Reshetnikov said.
To discuss such projects, a working group will be established. The memorandum will come into force on the date of its signing and will be valid for five years.