• Submitted by: Luis Manuel Mazorra
• Business and Economy
• 09 / 23 / 2014

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In his recent visit to Cuba, the Secretary of Foreign Affairs of Mexico, Jose Antonio Meade Kuribreña, said his government is willing to support the updating of the economic and social model promoted in Cuba.

The interest of the Mexican government to strengthen economic relations with Cuba became apparent in September 2013, when it began to establish economic agreements between the two countries after Meade stay in Havana invited by Foreign Minister Bruno Rodriguez Parrilla.

In his last visit to the island, a few weeks ago, the Mexican diplomat met with President Raul Castro and Ricardo Cabrisas Ruiz, Vice President of the Council of Ministers. Among the various topics covered, were treated diversifying the areas of economic exchange, Maede said that "there is growing interest in the Mexican private sector to be part of the changes taking place in the island."

During his stay also imparted a lecture at the Institute of Foreign Relations (ISRI), where he talked about the new deals closed in both countries. He said, referring to the possibilities offered by the Foreign Investment Law, that "have been found attractive areas for investment in various sectors and cooperation on cultural issues."

"There are 10 projects that are underway in sectors that deal with the construction, infrastructure, manufacturing, tourism and livestock, among others", Meade said, adding that "in Mexico we want more investment and trade with Cuba and that leads us to be very aware of the upgrade process.”

Oil is another issue of common interest. "As we share the Caribbean Sea as a tourist, we also share a land where large reserves," the chancellor told reporters as he left the ISRI.

In November 2013, during a visit of Cuban Foreign Minister Bruno Rodriguez, Mexico forgave 70% of the island's debt of $ 487 million and granted a period of 10 years to pay the remaining 30%.

So far this 2014 meetings between political authorities of Cuba and Mexico have been particularly prolific. During the Second Summit of CELAC, the Cuban president met with his counterpart Enrique Peña Nieto and agreed to promote specific initiatives to strengthen relations.

Following that contact, since March works in the archipelago Pro¬México Ministry of Trade, and in May was the first formal mission of Mexican businessmen to Havana. Also recently Cuba tariff preferences granted to the Government of Mexico through a joint resolution signed between Cuban ministries of Foreign Trade and Foreign Investment and Finance and Prices. Third Additional Protocol to the Agreement of Economic Complementation No. 51 becomes reality, signed by both countries on November 2013.

The Regional Tariff Preference (PAR), according to the Latin American Integration Association, is a percentage reduction of the duties applicable to imports from third countries, member countries are granted each other on imports of products originating in their respective territories.

Source: OnCuba