US Blockade Causes Huge Losses to Cuban Foreign Trade

Havana.- Just in the past twelve months the US economic, commercial and financial blockade imposed on Cuba has caused damages worth over 3.85 billion USD.
This huge amount has to be with the goods and services that the Island has been unable to export (70 percent of them) due to the punitive measures of the blockade that not only prevents Cuba from selling goods in the US market, but also any commercial operation with other nations.

In fact, US market indicators indicate precisely that in the same period the punitive measures increased by 196 percent.
As a reuslt of this, substantial resources got stranded in inventories in Cuban territory as long periods of transportation had to be covered from remote places, leading to increasing cost of operations due to the use of intermediaries.
The economic war declared by Washington had a direct impact on the flow of foreign investment, as explained in the report presented by Cuba to the UN General Assembly on the situation of the blockade in the past twelve months.
This is logical due to the increasing fear reflected by the investors due to gigantic fees imposed by the US Treasury Department on firms daring to do business with Havana.
The Dispute Settlement Body of the World Trade Organization ratified that this extraterritorial measure violates the existing regulations regarding foreign trade rights.
The Cuban report to the UN is rich in examples of the US attitude, very different from that of Cuba’s which has fully respected the obligations contracted in this field and strongly denounced the evil intentions of the US siege. (PL)

Periodico26.cu, October 4, 2015

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