HC Deb 26 October 1994 vol 248 c649W
Sir Thomas Arnold

To ask the President of the Board of Trade if he will make a statement about the recent visit of the Under-Secretary of State for Trade and Technology to Cuba.

Mr. Ian Taylor

I visited Cuba between 12 arid 14 September 1994, as the guest of the Cuban Minister for Foreign Trade, Senor Ricardo Cabrisas. It was the first visit to Cuba by a British Minister since 1975. I was accompanied by a 15-strong team of business men and women and by the chairman and director of the Department's Caribbean trade advisory group—CARITAG. We were warmly received and had productive meetings with key Cuban Ministers and with President Castro.

Following the ending of preferential trade arrangements with the former Soviet Union, Cuba has begun to reform its economy along more market-oriented lines. The Cuban Government described this process as irreversible and the intention is to take it forward.

On this basis, United Kingdom industry can respond more positively to Cuba's welcome of trade, investment and advice from Britain. It recognises its outstanding debt as an impediment to trade on normal commercial terms. The business group and I identified opportunities for British business in the provision of advice on the management of a market economy and in longer-term joint ventures. Commercial negotiations during our visit were advanced in transport, agri-business, construction, tourism and financial services.

On 14 September, I initialled a bilateral investment promotion and protection agreement which will give further confidence to investors. Cuba is moving towards a more open trading relationship with developed market economies and this should encourage domestic reform. Subject to this process being continued and developed, I have asked CARITAG to make proposals for a private-sector-led group to co-ordinate discussion and to progress the many specific commercial and related issues raised during my visit.

Forward to