Cross Borders Blog

Business with Cuba – White House Proposes Broader Trade Relations

Posted on 12/20/2014

President Obama announced that the U.S. will lay out “a new course in our relations with Cuba.” For U.S. and Cuba, this is good news! Cuba’s proximity to the U.S. and Florida specifically, represents untapped trade development possibilities. For many decades, the world and some of our closest allies have openly traded with Cuba with U.S. trade policy, feeling more like being in the movie Back to the Future! For additional information, refer to White House press release. Charting a New Course on Cuba. The changes proposed to U.S. trade policy with Cuba will be progressively implemented via amendments to regulations of the Departments of the Treasury and Commerce. Changes for very specific sectors are being proposed. First – travel, financial services, telecom/communications, and companies that make and sell building materials and agricultural equipment. In addition, current Sanctions in place will be eased for those engaged in trade and commerce. Does this mean that your favorite Cuban cigar, Hoyo de Monterrey Epicure Especial will be readily available for U.S. consumers? No, not just yet. The specific details of how the range of trade regulations and lifting of individual travel restrictions will occur are not in place yet, however they should be in the coming months. The changes proposes will also not mean that Sanctions imposed by the Cuban Assets Control Regulations issued in 1963 will end. (that would take Congressional approval) Want to position your business for trading with Cuba, contact our team of trade professionals at Cross Border Partners Advisory

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