Venezuela and Cuba have signed their 40th economic complementary agreement as the two countries seek greater integration, according to a statement issued Wednesday.

The agreement sets the rules to establish the origin of goods produced by either country, improve the flow of goods, and consolidate the production chains between the two countries, said the statement issued by the Venezuelan Trade Ministry.

The accord will also strengthen bilateral political and trade ties, and improve their social, scientific and cultural cooperation, it said.

The agreement was signed by Venezuelan Trade Minister Alejandro Fleming and Cuban Foreign Trade and Investment Minister Rodrigo Malmierca within the framework of the 31st Havana International Trade Fair, a week-long event due to end Saturday.

Cuba will open an office in the Venezuelan capital of Caracas in coming weeks to monitor exports and imports, and promote greater trade between the two nations.