CARICOM and Cuba Sign Trade Agreement to Deepen Economic Ties
The Caribbean Community (CARICOM) and Cuba have signed a trade agreement that will deepen economic ties between the two parties. The agreement was signed on December 8, 2020, during the 7th CARICOM-Cuba Joint Commission Meeting, held virtually due to the COVID-19 pandemic.
The deal aims to strengthen trade relations between CARICOM and Cuba by increasing the volume and value of goods and services traded between the two regions. The agreement encompasses several sectors including trade, investment, tourism, agriculture, health, and education.
Under the agreement, CARICOM will benefit from increased access to the Cuban market for its goods and services, while Cuba will benefit from improved access to the CARICOM market for its products. The deal will also provide a framework for the parties to collaborate on joint ventures, investment opportunities, and the exchange of technical expertise.
The CARICOM Secretary-General, Ambassador Irwin LaRocque, noted that the agreement is a significant step towards realizing CARICOM`s strategic objective of deepening economic relations with Cuba. He highlighted the importance of increasing trade and investment between Caribbean countries and Cuba to promote economic growth, create jobs, and reduce poverty.
The Cuban delegation was led by Ambassador Josefina Vidal Ferreiro, who stressed the importance of strengthening cooperation between CARICOM and Cuba in the face of the COVID-19 pandemic. She noted that the pandemic has severely impacted the economies of Caribbean countries and highlighted the need for greater regional integration and cooperation to overcome the challenges posed by the crisis.
The trade agreement represents a major milestone in the long-standing relationship between CARICOM and Cuba, which dates back to the establishment of diplomatic relations in 1972. Over the years, the two parties have collaborated on a range of issues, including health, education, and disaster management.
The signing of this agreement marks a new chapter in the economic relationship between CARICOM and Cuba and provides a framework for deeper collaboration and integration between the two regions. The deal is expected to boost economic growth, create jobs, and enhance the standard of living for people in both regions.