The Dept. of Commerce’s Bureau of Industry and Security modified export regulations, prompting Apple to remove Cuba from its restricted country trade list
The Cuban Asset Regulations also received an update from the U.S. Dept. of the Treasury. It includes the authorization for exports and re-exports of items which the BIS allows.
These changes come months after President Barack Obama announced that the U.S. would ease up on its current stance on trading with Cuba. The rule change means this country will allow consumer electronics to be sold to Cuba’s government and corporations and then to be re-sold to citizens, presenting a huge opportunity for Apple.
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Apple jumps into a great opportunity
The National Foreign Trade Council’s vice president, Jake Colvin, feels this change is great news for Cuban policies. He also wonders how the nation’s people will access the U.S marketplace. Miami-based lawyer Augusto Maxwell thinks it is a historical moment because it allows Americans to see Cuba as an economic opportunity.
Cuban businesses that wish to export goods or services to the U.S. will have to give their customers a document as evidence of not having a link to Cuba’s government.
Limited trade approval may have little impact
The U.S. still restricts trade from the following countries: North Korea, Sudan and Syria. Cubans now can export nearly everything, including artwork and graphic design services. A list of approved products still excludes wide categories like food, alcohol, automobiles, minerals, chemicals, textiles and more. Fortunately, there is still a nice range of products to export.
Apple keeps a strong focus on global markets, primarily the market in China. The Cupertino-based tech giant enjoyed a strong amount of success in the United States, but now it’s looking toward global dominance. Access to the Cuban market will bring it one step closer to its overall goals.