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

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With other countries pressurinhg President Barack Obama to liftthe embargo, Cuba castse a long shadow. And while the embargl is not likely to end anytime soon, the presideny on April 13 removed all restrictions on Cubans in America who want to visift or send money to familyt members residing on the Communist island. The move overturns hard-line policies that were enacted in 2004 undetr PresidentGeorge W. Bush. The removak of the travel ban for Cubans with family had been expectesdunder Obama’s pro-engagement agenda, but the White Housse said it does not have plans to remove restrictionw for all Americans traveling to the island.
“I don’ t think we’re going to get there unless there’ws a sense that the Cuban government is willing to give some kind ofreciprocatingv gesture,” said Susan Purcell, director of the at the . Tessie whose Miami company, ABC Charters, is one of a handful in the U.S. that is license to transport travelersto Cuba, welcomeds the announcement and said it coulx mean that her business improved to the point where it was before the Bush-ersa rules took effect. That could mean her businesxs doubles, she said. However, the economy in America coule slow down the pace at whichn her business recoversto pre-Bush rule she added.
“The good news is that South Florida resident s who have family on the island can purchase many goods from the retail outlets aroundeour area,” said Jerry professor of management and internationaol business at (FIU) and a boared member. “The bad news is the economy will limit the amounty theycan buy.” Travel agents like Aral got anothetr boost on April 14 when a federal judgde in Miami overturned a law passed last year by the Florida Legislature that requires travel agencies that specializwe in trips to Cuba to post bonds and pay highed registration fees.
Another point of concern for South Florida is that economist s are predicting thatLatinj America’s economy is contracting more dramatically than In March, economists revised their forecast for Latim America downward, estimating that the regionj will contract at a rate of 4 perceny this year, instead of the 0.5 of a percentf they had previously predicted. This includes a 4.5 percenr decline for Brazil. With $15 billion in total trade in 2008, Brazil is Southg Florida’s largest trading partner. While the spillovet may continue to take a toll onSoutgh Florida’s trade, it won’t be a FIU’s Haar said. “It’s a slowdown, not a he said.
“It is not There’s a well-developed infrastructure that supportsSouth Florida’s trades with Latin America, and this insurex that when Latin American importerxs ramp up again, they won’y flock to other trade centers, Haar noted. “Southh Florida is the of Latin This is thebuying place,” he said. “It’x through the blessings of geography and professionaplservices – law, accounting, logistics that puts us where we As bad as the global recession is, it’ also important to rememberr that Latin America is more developed now than durinvg previous recessions, “when you had countries sittinb on empty coffers and enormous said Manuel Mencia, senior VP of internationa l trade and business development at .
we’re heavily reliant on our Latin American markets forour trade, particularly, from my perspective, for foreignn exports,” he said. “So, obviously, a downturh in Latin America has serious implications forSouth Florida. So far, the good news has been that the downtur n of our exports has been significantly less than thenational