South African Exporters Weary About Trade With Cuba

South African Exporters Weary About Trade With Cuba

at 10:15 AM

This week, the South African government finally implemented a $31 million "Agreement on Economic Assistance" with Cuba to "stimulate bilateral trade."

The "solidarity" initiative (more ideology than economics) was announced by South African President Jacob Zuma during a visit to Cuba in 2010.

So why did it take so long to implement?

According to South Africa's Minister of Trade and Industry, Rob Davies:

“[South African] exporters wanted to have some guarantee of payment prior to goods being shipped to Cuba.”

Before you know it, they'll be asking for "cash-in-advance."

Can't blame them.