As stated previously on this blog a massive amount of trade has taken place with Cuba under the agricultural exemptions to the Cuban Assets Control Regulations.

Another sign of this trade is the visit New Mexico Governor Bill Richardson paid to the island country this week. According to a statement released by Richardson’s office the trip is an effort to capitalize on agricultural and cultural partnerships between New Mexico and Cuba with the primary goal being the the promotion of New Mexico’s agricultural products.

This is the third trip by a New Mexico official to Cuba since 2007. This week’s mission will include meetings with Alimport, the Cuban Government Agency responsible for agricultural commerce.

Since 2000 a number of other states have made similar trips to Cuba which have led to sales of more than $3 billion. These sales have been made pursuant to provisions of the Cuban Democracy Act of 1992 (“CDA”) and the Trade Sanctions and Export Enhancement Act of 2000 (“TSRA”). Under these acts the Commerce Department authorizes the sale and export or re-export of food and agricultural commodities to Cuba. However, those interested in engaging in such exports or reexports must first obtain authorization from the Commerce Department’s Bureau of Export Administration.

All licensed sales may be financed by cash in advance or by third-country banks that are not Specially Designated Nationals. In addition, foreign subsidiaries of U.S. banks are authorized to directly finance licensed sales of agricultural products. All U.S. banks may advise or confirm any of the above.