New U.S. rules ease trade, travel with Cuba

Obama administration begins to implement policy for normalizing Cuba relations.    Several changes to U.S. sanctions policy against Cuba go into effect today as the Obama administration’s begins to implement last month’s agreement to gradually open trade and travel with the island nation. The new regulations from the Treasury and Commerce departments allow exports of consumer technology products, Cuban products to be purchased by U.S. citizens, and ease restrictions on insurance, travel, telecommunications and financial services.
   One of the most impactful changes is the end of travel licenses to Cuba as long as the visit is associated with 12 categories of authorized travel, including family visits, government business, and importation and exportation. Combined with the regulation to permit the use of credit and debit cards in Cuba, the rule will facilitate the entry of thousands of Americans into Cuba and permit entrepreneurs to begin exploring business opportunities in Cuba.
   Authorized travelers to Cuba will be allowed to import up to $400 worth of goods acquired in Cuba for personal use. 
   Other policy amendments will enable U.S. entities to provide microfinancing to Cuban businesses and some Cuban goods and services, still to be determined by the State Department, to be exported to the United States under license.
   In addition, foreign vessels with a general license will be authorized to enter the United States after engaging in certain trade with Cuba. Previously, vessels that called Cuban ports were prevented from entering U.S. ports for six months.
   The Commerce Department is authorizing the export of building materials, equipment and tools for private sector use.
   “These rules signal a new day for U.S. Cuba relations. They will permit U.S. businesses to begin getting to know Cuba and also enable businesses and private citizens to engage directly with the Cuban people,” Jake Colvin, vice president for global trade issues at the National Foreign Trade Council, said in a statement. “We look forward to working with the Obama Administration, Congress, the U.S. business community and the Cuban people to begin to reestablish the commercial relationship over the months and years to come.”