Weekly Report - 10 July 2008 (ISSN 1741-7422)

CUBA-NICARAGUA | Increasing trade. A Nicaraguan business delegation travelled to Cuba to sign a cooperation agreement with Cuban business groups last week. Headed by director of export promotions for Nicaragua's trade ministry, Humberto Argüello, the Nicaraguan team comprised representatives from various manufacturing sectors including metals, machinery, processed foods, chemical products and an agro-industrial team. Argüello told the international media that trade between the two countries (which both belong to the Venezuelan-inspired trade and integration initiative, Alba) had so far been relatively dormant. He added that the new agreement would be “a very important step in accelerating trade". According to Cuba's national statistics office, trade between Nicaragua and Cuba in 2006 - the most recent figure - was only US$2.4m. Argüello expressed hopes that in the first stage, levels of Nicaraguan exports would be increased to total some US$20m.

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