Nicolas Maduro, the President of Venezuela has become the first foreign head to meet the new President of Cuba Miguel Diaz-Canel ever since he took office earlier this week thus marking the significance of Venezuela-Cuba alliance. The assuming of power by Diaz-Canel is a clear suggestion that the island Communist country will continue its one-party socialist system which is the last example of its kind in the world.
Venezuelan President’s visit is aimed to foster the relations between the two allies and also congratulate the new President. The two nations entered a strategic alliance in 2000 when Hugo Chavez had come to power in Venezuela. Venezuela is home to the largest oil reserves in the world which it trades with Cuba in exchange for latter’s medical and technical services.
The Russian President Putin has also spoken over the phone and congratulated the new Cuban leader. Russia has been actively involved in trade with Cuba over last few years under Putin Presidency. The Russian leader has further promised to expand the same and help Cuba modernise its economy.
Both Venezuela and Cuba stand together against the US imperialism. The two nations have gradually developed both political and economic relations and their growing interdependence is reflected in trade, investment, security and also diplomacy. Many Cuban operatives have flooded Venezuela in exchange for critical oil supply at subsidised rates. Maduro administration is, however, facing deep constraints to maintain this economic partnership which is also fuelled by growing unrest in Venezuela. The relationship which seems to blossom and has stood about a decade is quite unsustainable and over subsidised in the current conditions.