In force since 1962, the North American blockade contributes to the economic crisis that plagues the Caribbean country
A group of 5 US senators presented on Monday (6.Mar.2023) a joint bill to end the trade embargo against Cuba. In force since 1962, the measure contributed to the current economic crisis in the Caribbean country.
The project “Freedom of Export Act for Cuba” is signed by Democratic Senators Amy Klobuchar, Chris Murphy and Elizabeth Warren. Still, by Republicans Jerry Moran and Roger Marshall.
According to announcement released by congressmen, the law “would remove legal barriers that prevent Americans from doing business in Cuba and create new economic opportunities by increasing US exports and allowing Cubans greater access to US products”.
The text alsoRepeals key provisions of existing laws that prevent Americans from doing business in Cuba, but maintains laws that address human rights or property claims against the Cuban government”.
In Warren’s assessment, “it’s past time” of the US to resume relations with Cuba. “This legislation takes important steps to remove barriers to trade and relations between the two countries, and moves us in the right direction, increasing economic opportunities for Americans and Cubans alike.”
The embargo on Cuba was instituted by former US President John F. Kennedy in 1962. The measure has become more stringent over the years.
Current US President Joe Biden has loosened restrictions imposed by his predecessor, Donald Trump. However, he was unwilling to resume relations with the island.
Democratic Congressmen are divided on the subject, while most Republicans reject it. To take effect, the bill would have to be approved by the US House and Senate.
Due to the Cuban government’s economic policies, the effects of Covid-19 and the decades-long US embargo, Cuba’s economy suffers from inflation. In the formal market, the index stood at 40% in 2022according to official data from the Caribbean government.
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