U.S. businesses announce $10 million trade pact with Cuba
The Associated Press
HAVANA -- A U.S. business association announced Friday that Cuba has
agreed to buy up to $10 million worth of food, medical and
agricultural products from companies in Southern California.
The agreement with the World Trade Center Association of Los Angeles-Long
Beach is among numerous business pacts reached between U.S.-based companies
and the communist island since Congress passed an exception to four-decade-old
trade sanctions in 2000.
The exception allows sales of American food and other farm goods to
Cuba as long as transactions are done in cash or financed by a third country.
Under earlier
legislation, certain sales of medical supplies and products are also
allowed.
``We look forward to the day when the travel ban is rescinded by the
U.S. government and ... open trade between the two nations can proceed
to its natural
potential,'' said Barry Sedlik, the association's vice chairman of
business development. ``Expanded trade has proven throughout history to
be one of the best
methods to increase mutual understanding between countries.''
Under the framework agreement, Cuban import companies Alimport and Medicuba
have issued letters of intent to formalize specific purchases with California
food,
medical and agricultural companies that offer competitive prices and
are eligible to do business in Cuba.
The agreement was announced at the end of a weeklong trade mission comprising
10 California businesses that have pledged to return to the West Coast
with the
message ``that business with Cuba is real, it's now and it's ultimately
profitable,'' Sedlik said.
Cuba represents a potential annual $2 billion food and medicine export
market for California, said Gregory Estevane, president of Global Strategies
Trading, the
association's trading partner.
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