The basis of the bilateral legal framework between Ukraine and the Republic of Cuba in the trade and economic sphere is the "Agreement between the Cabinet of Ministers of Ukraine and the Government of the Republic of Cuba on trade and economic cooperation" dated June 20, 1998.

The main areas of cooperation between Ukraine and Cuba in the economic sphere are aviation, mechanical engineering, metallurgy, food and power industries.

Some of the largest joint projects between these two countries are:

• in the sphere of the mechanical ingeneering: a joint program of  the Ukrainian "AvtoKrAZ" company and the Cuban company "SOMEK" in Cienfuegos with the objective to proceed with the reparation and modernization of the KrAZ vehicles.
• in aviation: 6 Ukrainian An-158 planes are being used by the “Cubana de Aviación” company.

IT is worth mentioning that the cooperation is a sphere of food and products import to Cuba is actively developing as well. Following a gradual increase over the last two years, fats and oils of animal or vegetable origin, including butter and sunflower oil, are now the products that get imported to Cuba the most.

Despite both the severe quarantine conditions and limitations in Cuba in 2020 and the difficulties connected with the border closures, bilateral energy cooperation has intensified. Ukrainian companies in cooperation with foreign partners are successfully participating in projects to modernize Cuban thermal power plants.

Significant potential for cooperation with Cuba lies in healthcare, biotechnology and pharmacology. In the field of pharmacology, a project to develop a joint venture in Ukraine for the production of medicine and vaccines is being implemented.

According to the results of 2020, the value of goods exported from Ukraine to Cuba reached 92.1% of the value of the goods exported in 2019, reaching 4.1 million USD. The value of the imported goods was 1.14 million US dollars and compared to the year 2019, it decreased by 12%. At the same time, the surplus for Ukraine in 2020 was 3.54 million USD.

While Ukraine has been exporting to Cuba fats and oils of animal or vegetable origin (35.6%), followed by traditional commodity items for trade with Cuba: reactors, boilers, machinery (23.3%) and ground transportation (18.4%), imports from Cuba consisted mainly of alcoholic and non-alcoholic beverages (76.7%), tobacco and industrial tobacco substitutes (15,4%).