US works out new trade rules with Cuba

The White House has worked out new trade rules with Cuba, which are to weaken previous embargo restrictions.

The easing will concern the American companies, which run business with Cuba, as well as the US citizens, who wish to travel to the island.

New regulations should be officially announced on 18 September. They are expected to allow the American companies to open subsidiaries in Cuba, possibly via joint companies with the Cuban agencies, as the telecommunications monopoly ETECSA, for instance.

It is also intended to weaken rules on port calls. Now, the US ferries won't need to have a special license, but a general one.

John Kavulich, head of the U.S.-Cuba Trade and Economic Council said, "These are the most comprehensive expansion in U.S. trade and investment regulations with Cuba in decades."

"The result will be an exponential increase in interest towards Cuba by US companies and pressure upon Cuba by those same companies to permit access to the marketplace," Kavulich added.

Also read: Diplomatic relations: The game of the USA with Cuba


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