El Salvador, Cuba reach trade agreement
- Submitted by: manso
- 09 / 19 / 2011
Officials from El Salvador and Cuba concluded negotiations of a partial-reach agreement that promotes bilateral trade by providing import duty discounts for certain products, El Salvador’s economic minister announced in San Salvador.
The agreement is the last of many in a larger Cuban strategy to “never again put our eggs in the same basket,” said the Cuban ambassador in El Salvador, Pedro Pablo Prada Quintero, according to El Economista. Over the past two decades, Cuba has signed partial-reach agreements with most Latin American nations.
Products included in the agreement are poultry, seafood, tropical fruit, oil seeds, fats and cooking oil, chocolate, bread, juices, rum, vodka, tobacco, cement, pharmaceuticals, hygiene products, plastic products, and paper and carton.
Tariff discounts aside, the agreement includes stipulations for market access, rules of origin, sanitary measures, technical obstacles to trade, and conflict settlement mechanisms.
Trade between the two countries has ranged between $4 million and $5 million per year recently.
The agreement comes after three rounds of negotiation, which also included talks about scientific and technological cooperation, innovation, and technology transfer.