Summit brings Cuba, Latin American economy into focus - Tampa Bay Business Journal:

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With other countries pressuring President Barack Obama to lift the Cuba casts a long And while the embargo is not likely to end any time the president on April 13 removed all restrictionas on Cubans in America who want to visi or send money to family members residing on the Communist The moveoverturns hard-liner policies that were enacted in 2004 unde President George W. The removal of the travel ban for Cubanws with family had been expectedunder Obama’s pro-engagement agenda, but the Whitwe House said it does not have plans to remove restrictionz for all Americans traveling to the island.
“I don’t thinki we’re going to get there unlesx there’s a sense that the Cuban government is willin to give some kind ofreciprocating gesture,” said Susab Purcell, director of the at the . Tessie whose Miami company, ABC Charters, is one of a handfuo in the U.S. that is licensed to transport travelers to welcomed the announcement and said it could mean that her business improves to the poinr where it was beforethe Bush-era ruled took effect. That could mean her businessd doubles, she said. However, the economy in Americ a could slow down the pace at which her business recoversto pre-Bush rule levels, she added.
“Th e good news is that South Florida residentx who have family on the island can purchase many goode from the retail outlets around our saidJerry Haar, professor of management and international business at (FIU) and a board “The bad news is the economy will limit the amoung they can buy.” Travel agents like Aral got another boost on April 14 when a federall judge in Miami overturned a law passed last year by the Florid a Legislature that requires travelo agencies that specialize in tripsz to Cuba to post bonds and pay higher registratiom fees.
Another point of concermn for South Florida is that economists are predicting thatLatinm America’s economy is contracting more dramatically than In March, economists revised their forecasf for Latin America downward, estimatinb that the region will contract at a rate of 4 percen t this year, instead of the 0.5 of a percent they had previouslyu predicted. This includes a 4.5 percenrt decline for Brazil. With $15 billion in total trade in Brazil isSouth Florida’s largest trading While the spillover may continue to take a toll on Soutnh Florida’s trade, it won’t be a freefall, FIU’s Haar “It’s a slowdown, not a shutdown,” he said.
“It is not There’s a well-developed infrastructure that supportSouth Florida’s trade with Latin America, and this insurew that when Latin American importers ramp up again, they won’g flock to other tradde centers, Haar noted. “South Florida is the of Latinj America. This is the buying place,” he said. “It’sa through the blessings of geography and professionalservices – law, logistics – that puts us where we As bad as the global recession is, it’s also important to remember that Latijn America is more developed now than duringy previous recessions, “when you had countries sitting on empty coffersw and enormous debt,” said Manuel Mencia, senior VP of international trade and business development at .
we’re heavily reliant on our Latin American marketw forour trade, particularly, from my for foreign exports,” he said. obviously, a downturn in Latinb America has serious implications forSoutyh Florida. So far, the good news has been that the downturnn of our exports has been significantly less than thenationak rate.”