Cuba needs capital investment to fuel emerging industries and to help build competitive infrastructures. The embargo’s continuing restrictions on partnerships with Cuban entities in many sectors impede such investment and frustrate U.S. policy goals rather than advance them.
Will the Obama Administration’s new rules open the floodgates to Cuba for American business next month or even next year? No. Full and fair free trade with Cuba won’t happen until Congress finally repeals Helms-Burton, the myopic and failed U.S. trade embargo.
To be sure, the new regulatory amendments put forth this month are an important and necessary step in the right direction. Building on the Administration’s historic first round of amendments relaxing embargo restrictions in January, the September changes create the most significant opening in decades for Americans seeking to do business in Cuba.
American business executives contemplating opportunities in the Cuban marketplace would do well to study the regulations in the wake of these revisions. They should understand the full potential breadth of the regulatory windows that have been created, as well as identify for themselves and U.S. policymakers and regulators those issues ripe for further regulatory change.
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