. /.WORLD TRADE
ORGANIZATIONWT/L/550
5 December 2003
(03-6462)
General Council
15, 16 and 18 December 2003Original:  Spanish
CUBA – ARTICLE XV:6 OF THE GENERAL AGREEMENT
ON TARIFFS AND TRADE 1994
Report of the Government of Cuba under the Decision of 20 December 20011
The following communication, dated 3 December 2003, has been received from the
Permanent Mission of Cuba.
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1. Pursuant to the provisions of Article IX.4 of  the Agreement Establishing the World Trade
Organization (WTO), Cuba transmits herewith the second annual report on the extension granted on
20 December 2001 of the waiver approved on 14 October 1996, in relation to Article XV.6 of the
General Agreement on Tariffs and Trade 1994 (document WT/L/182).
2. In this connection, the Government of Cuba wishes to state that in 2002, domestic measures
were applied which strengthened the exchange control regime in force.  These measures consisted in
the introduction of the convertible peso as the only means of payment for the denomination and
execution of transactions between "Cuban entities"2 in United States dollars or other foreign
currencies within the country.
3. This decision makes it possible to strengthen the position of Cuban banks and increase bank
reserves, thereby enhancing the country's ability to pay.
4. The measure has not had any adverse effects on other WTO Members, as confirmed by the
understanding expressed by our main trading and financial partners.  Nor have there been any
complaints from foreign investors with interests in Cuba, which proves that the measure does not run
counter to the principles and objectives of the General Agreement.
5. The Cuban economy has continued to show modest  growth, in spite of the negative effects of
the economic, commercial and financial blockade that the United States has been imposing for morethan 40 years and which has cost some 126 billion dollars, including the direct damage caused by
sabotage and terrorist activities;  a blockade that was recently condemned by an overwhelming
majority in a United Nations General Assembly vote held last November (179 in favour of lifting the
blockade, 3 against and 2 abstentions).
                                                     
1 WT/L/440.
2 The term "Cuban entities" comprises State enterprises, commercial companies that are 100 per cent
Cuban owned, budgeted units and any other Cuban entities that have operated in foreign currency, excludingonly those created under the Law on Foreign Investment (Law No. 77 of 5 September 1995) or others expressly
authorized by the Central Bank of Cuba.WT/L/550
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6. Consequently, we confirm the particular conditions justifying the extension of the waiver
granted to Cuba in December 2001 as well as our co mmitment to complying w ith the principles laid
down in the General Agreement.
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