The agreement between the two governments was signed on March 30 last year and involves the creation of a legal and organizational basis for mutually beneficial cooperation for both parties and for the countries’ organizations in the field of exploration and use of outer space for peaceful purposes.
As the document explains the joint space activities that will be part of the agreement will also be carried out on a commercial basis, which will contribute to “attracting additional extra-budgetary funds to the national space and rocket industry”.
The text warns that the specific conditions and financial obligations attached to bilateral cooperation programs and projects will be defined in separate contracts.
The Russian-Venezuelan cooperation treaty will make it possible to promote relevant services that have the necessary competitiveness on the world market of space products, the document said.
It will also make it possible to provide national organizations of the space and rocket industry, which will entail new possibilities of use and jobs for their workers.