Cuba, U.S. hold talks on economic cooperations despite embargo

Cuba and the United States held on Monday in Washington their first meeting on long-term bilateral economic ties despite the U.S.-led financial and commercial embargo, said the island country's Ministry of Foreign Affairs.

"Both delegations discussed commerce and future investments as well as other issues on economic and financial cooperation," according to a statement published on the Ministry's official website.

A year after reestablishing diplomatic relations, both countries held talks on banking and trade issues within the limitations the embargo imposes on Havana.

The U.S. Department of State said the talks covered a wide range of topics, such as air and maritime transport, migration, claims, telecommunications, health and agriculture. Officials from both governments agreed to create working groups on bilateral interests.

The progress on rapprochement would require an end to the U.S. sanctions that have hit Cuba for over five decades, said the statement.

"Both countries also examined possible economic cooperation in a post-blockade scenario," it said.

The U.S.-led economic embargo has caused Cuba financial losses of over 4.6 billion U.S. dollars in 2015.

Instead of lifting the embargo, U.S. President Barack Obama has opted to relax a series of trade sanctions and travel restrictions, as the Republican-controlled Congress has blocked any removal of the embargo.

After declaring a detente last year Cuba and the United States took action to improve relations that were hampered for over 50 years.

Obama and the Cuban leader Raul Castro have met three times since their historical announcement to restore ties in December, 2014. Endi