Havana, March 19 (ACN) Non-state foreign trade grows in Cuba with over 470 import contracts and 77 export deals, according to the Cuban Foreign Trade Ministry.
The private sector’s foreign trade activity is channeled through some 41 state import-export companies and the most recent contracts have translated into five million dollars.
Most foreign trade contracts were signed in the provinces of Havana, Matanzas in the west and Camaguey, Ciego de Avila to the eastern part of the island.
Cuban authorities opened the doors to foreign trade by the non-state sector in 2020 as part of efforts to diversify exports of goods and services. The initiative is part of a National Development program and the country’s economic strategy to recover from the impact by COVID-19.
Foreign Trade and Investment Minister Rodrigo Malmierca explained in a recent TV appearance that foreign trade operations between the private sector and state companies are based on bilateral contracts while import and export prices are agreed to by both parties, taking as reference the nearby markets.
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