Cuba's terror sponsor designation is lifted
This announcement follows the opening of the U.S. Embassy in Cuba on Monday as diplomatic relations with Cuba are in the process of being restored.
U.S. Secretary of Commerce Penny Pritzker held a forum on the decision to normalize diplomatic ties in Tampa Bay with organizational help from the Greater Tampa Chamber of Commerce and U.S. Rep. Kathy Castor (D-FL) and the Tampa International Airport.
With this designation being lifted there is no longer a ban on the re-export of foreign-made products that utilize up to 25 percent material that was produced or grown in the United States; previously this was limited to 10 percent and the trading of replacement parts of items legally exported to Cuba. With this commercial airlines and corporate jets are able to make trips to Cuba. The bureau states that the trade embargo is still in place and exports are limited to those items that have an exemption.
“Here is the bottom line,” Pritzker said. “We need these new trade agreements, or our businesses and the workers they employ risk being left behind. Our new policy allows American firms to increase exports of goods like agricultural products, medicines and medical devices, and building materials, to an untapped market.”