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In a bid to foster closer ties between the European Union (EU) and Cuba, foreign minister Josep Borrell recently urged the Cuban government to strengthen its economic relationship with the EU. Borrell highlighted the significance of the EU as a major trading partner and investor, surpassing other economic players such as China and Russia.
During a meeting with Cuban businessmen as part of his visit to the island, Borrell emphasized the need to bolster economic ties between the two entities, particularly in light of Cuba's challenges in the energy, electricity, and fuel sectors.
EU Foreign Minister Emphasizes the Importance of Cuba-EU Partnership
With the European Union accounting for a substantial 32 percent of Cuba's foreign trade, compared to 8 percent each from China and Russia, it stands as Cuba's primary trading partner.
Additionally, the EU also provides the largest development aid to the island nation. Borrell emphasized that the EU's economic contributions to Cuba outweigh those of Russia and China, solidifying the importance of the EU in Cuba's economic landscape.
The foreign minister's remarks come in the wake of a recent visit to Havana by Russian Deputy Prime Minister Dmitry Chernyshenko, where economic agreements were signed between Russia and Cuba in a range of sectors. While this visit highlights Russia's efforts to strengthen its economic presence in Cuba, Borrell's statements shed light on the existing and potential economic collaborations between Cuba and the EU.
He tenido el honor de co-presidir el 3er consejo conjunto Cuba - UE.
Hemos hecho balance de nuestras relaciones bilaterales y abordado nuestros diálogos políticos y sectoriales para continuar la implementación del acuerdo de diálogo político y de cooperación entre la UE y #Cuba.pic.twitter.com/wsoHHldMFX — Josep Borrell Fontelles (@JosepBorrellF) May 26, 2023
Assessing the Recent Russia-Cuba Economic Agreements
Despite the recent economic agreements with Russia, Cuba must carefully consider the long-standing partnership it shares with the European Union.
The EU has been a consistent supporter of Cuba's development, providing economic assistance, trade opportunities, and investment. Strengthening ties with the EU not only provides Cuba with a reliable trading partner but also opens doors to increased investments and technological advancements, particularly in sectors facing current challenges like energy and fuel.
By prioritizing collaboration with the European Union, Cuba stands to benefit from the EU's vast economic resources, technological expertise, and market access. The EU's commitment to sustainable development, human rights, and democratic principles aligns with Cuba's aspirations for progress and economic growth.
The call by EU foreign minister Josep Borrell to strengthen economic ties between the European Union and Cuba reflects the EU's crucial role as Cuba's main trading partner and investor. While recent economic agreements with Russia indicate growing interest from other economic players, the enduring partnership between Cuba and the EU offers numerous advantages for the island nation's development.
