While the Cuban embargo has already been eased a bit, the agriculture market is one of the commercial areas that will potentially soon see restrictions eased further or even eliminated.
Agriculture Secretary Tom Vilsack announced commodity groups could use checkoff funds to promote products in Cuba the same week President Barack Obama visited the island nation.
“Historically, the United States and Cuba were close trading partners, and we could be again,” U.S. Grains Council Chairman Alan Tiemann, who has visited Cuba recently on behalf of the organization, said. “Since the Obama administration’s announcement that it would seek to normalize trade relations with Cuba, the council has viewed this market with a renewed energy. We continue to assess how best to serve this island nation’s needs as its economy shifts and restrictions continue to fall.”
Agricultural markets are at an advantage because feed grains will be needed to address a higher demand for meat, dairy and eggs as the Cuban economy improves. Tourism is also expected to infuse dollars into the Cuban economy which could, in turn, pay for United States grains.