A change in policy easing the U.S.-Cuba trade embargo by allowing U.S. banks to extend credit on most authorized exports to Cuba marks a new milestone, makes prospects for U.S. exports more attractive and substantially expands options for U.S. businesses, attorneys said.
The Obama administration’s provision for sales on credit puts U.S. exporters on a more-level playing field with other countries that already extend credit to Cuba and “makes American businesses far more competitive,” said Pedro Freyre, an expert on Cuba policy and chairman of international practice at Akerman. “Everybody would like to be paid up front in gold bullion,” but that’s not the way business works anywhere.
