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News > World

US Announces New Business Relations with Cuba

  • Two thirds of U.S. citizens, according to polls, are against the blockade on Cuba.

    Two thirds of U.S. citizens, according to polls, are against the blockade on Cuba. | Photo: AIN

Published 18 September 2015
Opinion

The new regulations allow U.S. companies to establish a presence in Cuba.

The United States government on Friday issued new regulations easing restrictions on U.S. companies seeking to do business in Cuba and opening up travel, as a measure to soften the five-decade-blockade on the country. Fully lifting the blockade would not only end the harm done to Cubans but would also be a key step towards fully restoring relations between the two countries. 

RELATED: Keys to Understanding the US Blockade on Cuba

The new regulations are aimed at travel, telecommunications, Internet-based services, business operations, banking and remittances, and allow U.S. companies to establish a presence in Cuba, Reuters reported. They also open up telecommunications and Internet services between the two nations.

RELATED: Cuba, US Relations

"A stronger, more open U.S.-Cuba relationship has the potential to create economic opportunities for both Americans and Cubans alike," U.S. Treasury Secretary Jacob Lew said in a statement. He claimed that by further easing these sanctions, Washington is helping Cubans “in their effort to achieve political and economic freedom.” 

The two countries announced last year that they would restore diplomatic relations, and recently reopened their embassies in Havana and Washington

The new regulations were in addition to others U.S. President Barack Obama announced in January, and came a day after the Cuban ambassador to the United States Jose Ramon Cabañas Rodriguez, presented his credentials to Obama. Obama however has not yet appointed an ambassador, so the Republican opposition in Congress has threatened to block his appointment. 

However, the new regulations, which come into effect on Monday, do not change who can travel to Cuba. They ease the movement of authorized travelers there by licensing transportation providers. They also lift the cap on remittances and allow travellors to open and maintain bank accounts in Cuba.

Cuban Foreign Minister Bruno Rodriguez said his country would once again present a resolution before the U.N. calling for an end to the blockade, which according to him has impacted the country's economy to the tune of US$833.7 billion since it came into effect. 

 
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