The US trade embargo is undermining the Cuban economy

(Xinhua) - Cuban Minister of Trade and Foreign Investment Rodrigo Malmerca said Monday that the US blockade against Cuba remains the main obstacle to the country's development.

"Despite the US blockade on the island and the Covid-19 pandemic, the world still has confidence in the Cuban market," he said in a press conference about the 38th edition of the Havana International Trade Fair, to be held from November 14 to 18.

Malmerca reported that companies from more than 60 countries are expected to participate in the event, which has been suspended for the past two years due to the COVID-19 pandemic.

According to the Cuban government, the US trade embargo caused losses of 3.806 billion US dollars to the Cuban economy between August 2021 and February 2022.