|Statement by Ambassador Wang Min, Deputy Permanent Representative of the People's Republic of China at the 67th Session of the UN General Assembly on Agenda Item 41 "Necessity of ending the economic, commercial and financial embargo imposed by the United States of America against Cuba"|
Let me begin by welcoming the report submitted by the Secretary General under this agenda item. The Chinese delegation associates itself with the statement made by Algeria on behalf of G77 and China.
For 20 consecutive years, the United Nations General Assembly has adopted, by an overwhelming majority, resolutions on the "necessity of ending the economic, commercial and financial embargo imposed by the United States of America against Cuba", urging all the countries to abide by the UN Charter and international law, repeal or invalidate any laws and measures with extraterritorial effects which affect the sovereignty of other states, the legitimate interests of entities or persons under their jurisdiction and the freedom of trade and navigation.
Regrettably, however, those resolutions have not been effectively implemented over the years, and the economic, commercial and financial embargo against Cuba imposed by the United States is yet to be lifted. Such practice has inflicted enormous economic and financial losses on Cuba. According to statistics, Cuba's economic losses directly resulting from the embargo had exceeded 108 billion US Dollars by December 2011. Taking into account the depreciation of the US dollar against the price of gold in the international market, the figure would increase to 1.066 trillion dollars. The embargo has caused shortage of commodities and dealt a heavy blow to Cuba's economy. It stands as the major stumbling block for Cuba's economic development and social progress. Besides, such embargo has brought huge sufferings to the Cuban people and violated their fundamental human rights including the rights to food, health and education as well as their rights to survival and development.
We have noted that one of the most prominent features of the embargo in the last year has been interference with Cuba's international financial transactions. This has not only hit Cuba's economy hard, but also affected the normal economic, commercial and financial interactions between other countri