Cuba wants to further open up its economy, but the US trade embargo is hampering the implementation of those reforms. This was stated by Deputy Prime Minister and Minister of Foreign Trade Oscar Pérez-Oliva Fraga in an interview with news agency Reuters. The United States, for its part, believes that the Cuban reforms do not go far enough.
Cuba announced far-reaching economic reforms in June that are intended to give more scope to market forces. According to Pérez-Oliva, the country can only make further progress if Washington eases the sanctions. He points, among other things, to the US oil blockade, as a result of which fuel supplies from countries that were previously major suppliers have declined sharply.
The deputy prime minister disputes that Cuba wants to keep US companies out. According to him, it is precisely the trade embargo that prevents them from investing or doing business on the island. Washington, in contrast, says the reforms are insufficient and calls for free and fair elections.
Pérez-Oliva also denies reports that representatives of companies with ties to US President Donald Trump spoke with Cuban officials this year about business opportunities. He says he is not aware of any contact between such companies and the Cuban government.
The tensions are affecting foreign investors. Canada’s Sherritt International has suspended its direct participation in a Cuban mining project. Australia’s Antilles Gold is also considering, according to Pérez-Oliva, how it can continue its operations. According to him, the companies have not withdrawn from Cuba; Reuters received no response from either company to his statements.
