UN to hold vote on US embargo of Cuba
The United Nations General Assembly (UNGA) will vote on a resolution today calling on the US to lift the sixty-year embargo imposed on Cuba.
Washington’s aggressive measures against Havana during President Donald Trump’s term contributed to a significant stagnation of the island nation’s commerce. While tightened restrictions made it difficult for Havana to export goods such as tobacco products, it also prevented Havana from accessing necessary medical supplies during the pandemic. The Cuban government’s heavy lockdown procedures further exacerbated the country’s tourism-dependent economy.
Although a full termination of the embargo seems highly unlikely in the short- to medium-term, US President Joe Biden will seek to alter the status quo, gradually moving away from Trump’s draconian stance against Cuba. Instead, Biden will return back to former President Obama’s policy of easing the embargo. Despite the opposition of some congressmen, expect Washington to grant special licenses to American trading companies and ease flight restrictions. The growth of foreign investment will also have a positive impact on Havana’s private sector. Moving forward, the Cuban government will enforce legislation that will increase small and medium size private businesses in the country which will prepare Havana to adapt a free market economy in the long-term.
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