New Economic Strategy in Cuba Is Making Progress

Swift implementation of foreign trade reform. New mortgage and foreclosure law adopted.

RIO DE JANEIRO, BRAZIL - Two months after the announcement of reforms to address the economic impact of the coronavirus pandemic, the first stages of the program are now being implemented in Cuba. As reported by the Ministry of Foreign Trade (MINCEX), over 700 private businesses and 119 cooperatives are currently in negotiations. The first export contracts to Spain and an agreement with a company from Panama are already underway.

By opening up foreign trade to the private sector, the government hopes to create new export value chains, which should improve the hitherto strongly negative trade balance. After creating regulatory conditions . . .

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