As tens of thousands of euphoric Cubans greet President Obama and his family in Havana on March 21, the President will be doing more than solidifying a new era in U.S.-Cuban diplomatic relations. He also will be inaugurating what has the potential to become a mutually beneficial trade and business partnership – an enterprise that, given sufficient time, will spur jobs and growth in both countries.
Realizing this potential, however, has two imperatives. First and foremost, the U.S. Congress must end the disastrous trade embargo that has served only to hurt the Cuban people, hamstring American companies and undercut our reputation and credibility throughout the world. Second, U.S. private and public leaders must recognize that this new dynamic is very much a two-way street. The U.S.-fueled acrimony that has characterized our bilateral relationship must be replaced with one attribute prized by the Cuban people: mutual respect.
Congress’ refusal to sweep aside the last vestiges of the embargo has made trade with Cuba a one-way boon for foreign companies, many of which stand to realize substantial profits from increased U.S. travel alone. Until this myopic boycott is ended, U.S. businesses will continue to be handcuffed; an unfortunate reality that will hurt multiple sectors of our economy – from travel, tourism, hospitality, and transportation to agriculture, medical products, telecommunications, and technology.
Commentary published by CNBC. Read the entire article here.