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Mexico and Cuba to Expand Trade Relations

October 08, 2014

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Mexico and Cuba to Expand Trade Relations

Mexico will expand its imports of rum and cigars with Cuba as part of its renegotiation of the Economic Complementation Agreement between the two countries.

According to The Economist, the island nation can increase its exports of bottled rum to the Mexican market each year by 1.35 million liters, according to an agreement to be ratified by the Ministry of Economy in the next few days.

In addition, the import quota for Cuban cigars has been increased to one to two million. Mexico has also expanded imports from Cuba to include US $2.2 million worth of medications, 300 tons of lobster, 100 tons of shrimp, and 700,000 dollars of clothing items.

Bilateral trade reached US$510 million in 2012, according to recent Cuban statistics, which positions Mexico as one of the island’s major Latin American partners, following Venezuela and Brazil, according to MercoPress.

Relations between Cuba and Mexico have improved since Enrique Peña Nieto took office in 2012 after 15 years of chilled relations under previous administrations.

Mexico exported US$373 million worth of products to the Cuban market at in 2013, an annual decline of 3.7 percent, according to data from the Ministry of Economy, which were released by The Economist.

To solidify the “fraternal climate” underscored by the two countries’ enhanced trade relations, César Octavio Camacho, head of the PRI party, traveled to Havana and was received by the first Cuban Vice President, Miguel Diaz-Canel on October 2, according to official Cuban media reports. Camacho was officially invited to Cuba by the Cuban Communist Party (PCC). “Both officials expressed their readiness to continue close relations between the PRI and PCC,” according to Prensa Latina.

Diaz-Canel also took the opportunity of their meeting to explain to the PRI leader how Cuba’s economic reforms to update its socialist model are progressing.

Wednesday, October 08, 2014

Source: TeleSUR

Mexico and Cuba to Expand Trade Relations