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 Business News | February 2008 
Mexico and Cuba to Boost Trade After Debt Deal
 Robin Emmott - Reuters
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Mexico City - Mexico on Sunday agreed to restructure $400 million in Cuban debt and re-open credit lines with Havana after a six-year hiatus to boost bilateral trade amid improving diplomatic ties.
Officials from Mexico's foreign trade bank Bancomext, who signed the deal in Havana, said the agreement would lift trade flows that fell to a historic low of $200 million in 2007, less than half the levels of the 1990s.
"With the signing of this agreement ... a great step has been made to normalize financial and commercial ties between both countries," Bancomext said in a statement, without giving details of the restructuring plan.
No one at Bancomext was immediately available for comment.
Traditionally close ties between Mexico and Cuba hit a low in 2004 when Mexico criticized Cuba's human rights record at the United Nations and former President Vicente Fox withdrew Mexico's ambassador to Havana.
Mexican President Felipe Calderon, a conservative who took office in December 2006, has vowed to move Mexico nearer to Latin America while keeping close ties with its key trading partner and Cuban arch-enemy, the United States. |
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