The governments of Brazil and Cuba are planning to sign several agreements this week during Brazilian President Luiz Inacio Lula da Silva’s visit to the island. One of the main pacts would allow Brazilian energy giant Petrobras to search for oil in Cuban waters.Lula’s visit to Cuba is designed to strengthen economic ties between Brazil and Cuba that have grown closer since he became president:
Higher growth rates have led to a surge in imports into Cuba, which almost tripled to $8.92 billion between 2002 and 2006, according to the Brazilian Foreign Affairs Ministry. Cuba's trade deficit widened to $6.35 billion in 2006 from $1.49 billion in 2002.
Brazilian exports to Cuba increased almost fivefold in the same period, reaching $343.8 million in 2006, the Brazilian Trade Ministry said, or about 0.2 percent of Brazil's total exports. Brazil's main exports to Cuba are electrical equipment, sugar, candy and meat products.
It is unknown if Lula will meet with “close friend” Fidel Castro during the visit which starts today.
Image- The Trumpet
Sources- Reuters, Bloomberg, MercoPress, Granma International
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