Posted at 9:30 AM
U.S. Secretary of Commerce Penny Pritzker today issued a statement on new regulations published by the U.S. Commerce Department’s Bureau of Industry and Security (BIS) that change U.S. export policy on Cuba.
“The regulations published today are an important first step toward increased engagement that will expand our economic relationship and strengthen our people to people connections with Cuba,” said Secretary Pritzker. “Today’s actions, which are being taken in coordination with the U.S. Department of the Treasury, give legal effect to the historic policy changes that President Obama announced on December 17. Specifically, our regulations will change export policy and authorize the flow of certain goods and services to Cuba without a license, to spur private sector activity and encourage entrepreneurship in Cuba. These are smart changes in America’s outdated policy that will help the Cuban people realize an improved standard of living, greater economic independence, and increased prosperity.”