ITC Report Details Reports of Lifting Embargo with Cuba

May 4, 2016
Posted in: News
cuban-flag

U.S. and Cuban flags outside of Cuban Embassy in Washington DC – Photo courtesy of The Washington Post

A new report from the U.S. International Trade Commission (USITC) confirms that U.S. restrictions on trade with and travel to Cuba have “largely prevented U.S. suppliers and investors from accessing the Cuban market, and new or expanded U.S. exports in several goods and services sectors could occur if U.S. restrictions are lifted.” While this information is already known to most agricultural trade groups like the U.S. Dry Bean Council (USDBC), the report and it’s findings were produced at the request of the U.S. Senate Committee on Finance and will influence future policy decisions. The report also notes that even when the restrictions are lifted, it’s likely that other market barriers, primarily “those associated with a non market, state controlled economy,” will still affect future trade.

Cuban imports from the U.S. were as high as $712 million in 2008 but have dropped to under $180 million. Once a major export market for most U.S. agricultural commodities, including dry beans, we are working to re-establish strong export channels on a policy and marketing level. This isn’t going to happen overnight, many of the banking and financial restrictions that have limited our ability to sell to Cuba need to be unraveled and replaced with similar provisions practiced with other trade partners. As Cuba is likely to remain dependent on imports to feed the population we remain dedicated to reestablishing a healthy trade partnership with our neighbor to the South.