WASHINGTON/HAVANA, (Reuters) – he United States approved a wider range of commerce with Cuba yesterday, making it easier for U.S. companies to film movies, finance exports and do business with the Communist government on public infrastructure projects.
The latest changes come as Washington and Havana move closer toward normal relations, having restored diplomatic relations last year after more than five decades of Cold War-era animosity.
Although most U.S. trade with Cuba remains banned under the economic embargo, President Barack Obama has been using executive authority to allow commerce that is not specifically banned by Congress.
The changes announced yesterday, the third round of such measures, reflect Washington’s stated goal of meeting the needs of the Cuban people while also creating business opportunities for U.S. companies.
U.S. officials stressed that the practical impact will depend on Cuban economic liberalization, as previous U.S. attempts at promoting commerce have largely stalled. Cuba in turn has complained about the lack of credits and a ban on using the U.S. dollar.
U.S. banks may now finance authorized exports except for agricultural commodities and reexports of non-U.S. goods. Previously such trade had to be paid for by cash in advance or financed through third-country banks.
The new rules would also allow U.S. companies on a case-by-case basis to be involved in the construction of infrastructure deemed as directly beneficial to the Cuban people.
