U.S. trade embargo undermines Cuban economy

HAVANA, Oct. 31 (Xinhua) -- The U.S. embargo against Cuba continues to be the main obstacle to the development of the country, Cuban Minister of Foreign Trade and Investment Rodrigo Malmierca said on Monday.

"Despite the U.S. blockade on the island and the COVID-19 pandemic, the world continues to trust in the Cuban market," he said at a briefing about the 38th International Havana Trade Fair scheduled for Nov. 14-18.

Malmierca said that companies from more than 60 countries are expected to take part in the event, which has been suspended in the past two years due to the COVID-19 pandemic.

According to the Cuban government, the U.S. trade embargo has caused a loss of 3.806 billion U.S. dollars to the Cuban economy between August 2021 and February 2022.