Officials from Cuba and the United States this week held the first meeting of the Bilateral Economic Dialogue in Washington, DC, to address financial issues that may arise if the U.S. lifts the blockade against the Caribbean island.
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This mechanism was created as part of the Cuba-U.S. Bilateral Commission to analyze topics of mutual economic interest.
As a result of this first exchange, which took place Monday, both parties agreed to create several working groups which will meet periodically in both countries.
The Cuban delegation stated, that in order to advance economic, trade and financial relations, and to normalize bilateral ties, it is essential that the U.S. lift the blockade, which affects the development of the Cuban economy.
According to the U.S. Department of State, the economic dialogue is aimed at discussing long-term agreements on trade and investment, labor and employment, renewable energy and energy efficiency, small businesses, intellectual property rights, economic policy and banking, among other things.
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The Cuban delegation was headed by Deputy Minister of Foreign Trade and Foreign Investment Ileana Nuñez Mordoche, and U.S. Deputy Assistant Secretary for Western Hemisphere Affairs John Creamer.
The U.S. approved a series of measures to ease travel and commerce earlier this year but still hasn’t ended the economic and financial blockade that Washington in 1960, after the overthrow of U.S.-backed dictator Fulgencio Batista.
Cuba presented a report last week that claims the U.S. blockade on the island nation has cost it US$4.7 billion over the last year and US$753.7 billion over the last six decades.
Last year, the U.N. General Assembly voted 191-2 to condemn the U.S. blockade of Cuba, with only the U.S. and Israel opposed.