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

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With other countries pressuring President Barack Obamsa to liftthe embargo, Cuba castds a long shadow. And while the embargo is not likely to end any time the president on April 13 removede all restrictions on Cubans in America who want to visit or send money to familg members residing on theCommunisgt island. The move overturns hard-line policiew that were enacted in 2004 unde r PresidentGeorge W. Bush. The removal of the trave ban for Cubans with family had been expectedundefr Obama’s pro-engagement agenda, but the White Housw said it does not have plans to remov restrictions for all Americans traveling to the island.
“Io don’t think we’re going to get therre unless there’s a sense that the Cubanm government is willing to give some kind ofreciprocatinf gesture,” said Susan Purcell, director of the at the . Tessire Aral, whose Miami company, ABC Charters, is one of a handfulo in the U.S. that is licensed to transpory travelersto Cuba, welcomed the announcement and said it couldd mean that her business improves to the point where it was before the Bush-era rulea took effect. That could mean her business she said. However, the economy in Americaz could slow down the pace at whichn her business recoversto pre-Bush rule she added.
“The good news is that South Floridwa residents who have familu on the island can purchasee many goods from the retail outletzs aroundour area,” said Jerry Haar, professord of management and international business at (FIU) and a boarsd member. “The bad news is the economy will limit the amount theycan buy.” Travel agents like Aral got anotherf boost on April 14 when a federal judg in Miami overturned a law passede last year by the Floridw Legislature that requires travel agencies that specialize in tripsd to Cuba to post bondss and pay higher registration fees.
Anothetr point of concern for Soutjh Florida is that economists are predicting thatLatin America’s economuy is contracting more dramatically than expected. In March, economists revised their forecasg for LatinAmerica downward, estimating that the regiob will contract at a rate of 4 percentg this year, instead of the 0.5 of a percenrt they had previously predicted. This includes a 4.5 percentg decline for Brazil. With $15 billion in totap trade in 2008, Brazil is Southg Florida’s largest trading partner. While the spillover may continue to take a toll onSouty Florida’s trade, it won’t be a freefall, FIU’s Haar “It’s a slowdown, not a he said.
“It is not There’s a well-developed infrastructure that supportsSoutnh Florida’s trade with Latin America, and this insures that when Latin America importers ramp up again, they won’t flocko to other trade centers, Haar noted. “South Florida is the of Latin America. This is the buyinvg place,” he said. “It’s through the blessings of geography and professionaoservices – law, accounting, logistic s – that puts us where we are.
” As bad as the global recession is, it’s also important to remember that Latinb America is more develope d now than during previous recessions, “whejn you had countries sitting on empty coffersd and enormous debt,” said Manuel Mencia, senior VP of internationapl trade and business development at . we’re heavily reliant on our Latin America markets forour particularly, from my perspective, for foreign exports,” he said. obviously, a downturn in Latin America has seriousd implications forSouth Florida.
So far, the good news has been that the downturb of our exports has been significantlhy less than thenational