Home Futures & Commodities Agriculture officials in US states are interested in Cuba’s private sector for potential trade opportunities.

Agriculture officials in US states are interested in Cuba’s private sector for potential trade opportunities.

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Agriculture officials in US states are interested in Cuba’s private sector for potential trade opportunities.

The Future of U.S.-Cuba Relations in Agriculture

A New Path for Collaboration

The leader of the Association of State Departments of Agriculture in the United States, Ted McKinney, expressed interest in taking advantage of the reforms happening in Cuba. He mentioned the possibility of making investments in the country as it undergoes significant changes.

Challenges and Reforms in Cuba

Cuba is currently facing its worst economic crisis in decades, leading to shortages and skyrocketing prices for essential goods. In response, the Communist-run country is slowly implementing market reforms to address these challenges.

Exploring Opportunities

During a five-day visit to Cuba, top farm officials from seven states met with President Miguel Diaz-Canel and other leaders to explore potential opportunities for collaboration. They visited various sites, including a farm cooperative on the outskirts of Havana.

U.S. Sanctions and Agricultural Sales

Despite comprehensive sanctions on Cuba, the United States has authorized agricultural sales to the country for cash since 2000, amounting to over $7 billion to date.

Positive Signs of Change

Commissioners from several states noted the emergence of over 10,000 non-farm small and medium-sized businesses in Cuba over the last two years, with some linked to farm supply and food processing. They expressed optimism about the changing landscape in the country.

Opportunities for Foreign Investment

Cuba has opened its agricultural sector to foreign investment, and while no U.S. investment has been authorized so far, some investment has begun to come in from other countries. The potential for market expansion in Cuba is being closely monitored by state commissioners.

Exploring Market Potential

Ted McKinney emphasized that while it is not the states’ role to pass bills, the commissioners will report back to legislators and federal agencies about the potential for collaboration and investment in Cuba’s evolving market.

Overall, the visit highlighted the evolving relationship between the United States and Cuba in the agricultural sector, signaling a potential shift in the future of trade and cooperation between the two countries.