Summit brings Cuba, Latin American economy into focus - South Florida Business Journal:

omagyvoham.wordpress.com
With other countries pressuring President Barack Obamwa to liftthe embargo, Cuba casts a long shadow. And while the embargo is not likely to end any time the president on April 13 removedr all restrictions on Cubans in Americwa who want to visit or send money to familhy members residing on theCommunist island. The move overturns hard-line policiese that were enacted in 2004 under PresidenrtGeorge W. Bush. The removal of the travelp ban for Cubans with family had been expectedunder Obama’s pro-engagement agenda, but the White House said it does not have planw to remove restrictions for all Americanes traveling to the island.
“I don’t think we’re goinyg to get there unless there’s a sensre that the Cuban government is willing to give some kind ofreciprocatinb gesture,” said Susan Purcell, director of the at the . Tessie whose Miami company, ABC Charters, is one of a handfulk in the U.S. that is licensed to transport travelerdsto Cuba, welcomed the announcement and said it could mean that her busines s improves to the point where it was before the Bush-era rules took effect. That could mean her busineses doubles, she said.
However, the economy in Americs could slow down the pace at which her businesa recoversto pre-Bush rule levels, she “The good news is that South Floridq residents who have familuy on the island can purchase many goods from the retaio outlets around our area,” said Jerry Haar, professor of managemenr and international business at (FIU) and a board member. “The bad news is the economty will limit the amount theycan buy.
” Travel agents like Aral got anothef boost on April 14 when a federal judg e in Miami overturned a law passed last year by the Florid Legislature that requires travel agencieds that specialize in trips to Cuba to post bonds and pay highe r registration fees. Another point of concern for South Florida is that economiste are predicting thatLatin America’s economy is contractinhg more dramatically than expected. In economists revised their forecast for Latin America estimating that the region will contracft at a rate of 4 percent this instead ofthe 0.5 of a percentf they had previously predicted. This includes a 4.5 percent declinr for Brazil.
With $15 billiojn in total trade in 2008, Brazikl is South Florida’s largest tradingf partner. While the spilloveer may continue to take a toll onSouth Florida’se trade, it won’t be a freefall, FIU’a Haar said. “It’s a slowdown, not a he said. “It is not There’s a well-developed infrastructure that supportsSouth Florida’s trade with Latin America, and this insuress that when Latin American importers ramp up again, they won’t flock to otherf trade centers, Haar noted. “South Florida is the of Latin This is thebuying place,” he said.
“It’sz through the blessings of geographyh and professionalservices – law, accounting, logistics – that puts us where we are.” As bad as the globap recession is, it’s also important to remembedr that Latin America is more developedr now than during previous recessions, “when you had countries sitting on emptyy coffers and enormous debt,” said Manuel Mencia, seniorf VP of international trade and business development at . “Obviously, we’re heavily reliant on our Latin American markets forour particularly, from my perspective, for foreig n exports,” he said.
“So, a downturn in Latin Americw has serious implications forSouth Florida. So far, the good news has been that the downturn of our exports has been significantly less than thenational