The deal was penned by National Customs Authority Director Tayra Barsallo, and Cuban Ambassador to Panama Victor Cairo, on behalf of the General Customs of the Republic of Cuba.
According to an official press release, the agreement aims to strengthen risk management to achieve balance between compliance and facilitation in order to enhance legitimate trade and attain efficiency by meeting the needs of governments to ensure the economic growth of the State parties and maintain the protection of society.
The communiqué stated that both sides will share experiences and expertise on affairs of mutual interest to secure and facilitate trade, customs modernization and simplification of customs procedures to ease cross-border trade.
The Memorandum came into force from the date of its signature, and will remain in force indefinitely, the press release explained.
Regarding the agreement, the Cuban diplomat stressed its importance to strengthen ties and foster exchange between both institutions and contribute to an equitable, fair and balanced bilateral trade.