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US rules seek to ease Cuba trade embargo
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THE United States yesterday issued regulations easing restrictions on American companies seeking to do business in Cuba and opening up travel in the latest action to weaken the US trade embargo amid warming relations with the country.
The rules, which take effect on Monday, target travel, telecommunications, Internet-based services, business operations and banking, and allow US companies to establish a presence in Cuba. They also eliminate limits on the amount of money people can send back to the Caribbean nation.
“A stronger, more open US-Cuba relationship has the potential to create economic opportunities for both Americans and Cubans alike,” US Treasury Secretary Jacob Lew said in a statement.
“By further easing these sanctions, the United States is helping to support the Cuban people in their effort to achieve the political and economic freedom necessary to build a democratic, prosperous, and stable Cuba,” he said.
The action comes as Washington and Havana move toward normal relations between the one-time Cold War foes for the first time in over half a century. They restored diplomatic ties and reopened embassies earlier this summer.
Yesterday’s regulations build on others President Barack Obama announced in January to ease the 53-year-old embargo against Cuba. Their announcement comes just as Pope Francis, who played an instrumental role in the diplomatic opening late last year, prepares to visit Cuba this weekend before heading to the US next week.
Officials said that while the changes are aimed at expanding business, they also seek to boost so-called “people-to-people” contact between Americans and Cubans.
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