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America's Cuban Conundrum
Transcript of America's Cuban Conundrum
America's Cuban Conundrum
In 1959, Fidel Castro came to Power in Cuba
"Socialism or death"
Fidel's government took control of most private companies in Cuba without providing compensation to the owners
American assets expropriated totaled approximately $1.8 billion, worth approximately $6 billion today.
In 2008, with Fidel Castro's health failing, he handed his levers of power to his brother Raul
Trade sanctions were set in place during Kennedy's administration
United States of America
Felt that it was unjust for America to think it has the right to impose its foreign policy on others using trade sanctions
They questioned whether the justification of the sanctions using human rights is just a pretense
Alternative Dispute Resolutions
Keeping the Act
Utilise a form of alternative arbitration to resolve disputes
Allow companies whose properties that were seized to get restitution (monetary)
Keep the trade embargo on Cuba through America but allow "open" trade for other countries
Relinquishing the Act
Lift the trade embargo sanctioned
Seek restitution for the American companies (whose properties that were unfairly seized)
Open trade routes, benefiting both countries' economy
Improve bilateral ties between the countries
Allow tourism between both countries
Using international law as a basis, find a way to resolve disputes on an international stage - International Court of Justice (ICJ)
America's View on Cuba
Sanctioned with trade embargo after the Vietnam War
Trade embargo lifted in 1994 by US President Bill Clinton
Vietnam's economic infrastructure improve
Travel and tourism improved
Trade embargo sanctioned due to human rights issues
Sanctions still exist but relations with US "warm" after President Obama's visit
Embargo executives have been "edited" recently to reflect warmer ties
Economy is improving, economical and infrastructural improvements are forecast-ed as positive
U.N. (United Nations) condemns US Embargo
U.N. (United Nations) votes against Embargo
Question: Is it right for United States of America to keep the embargo, stating grounds of national security, whilst punishing (global) companies who engage with Cuba too?
In 1962, the United States severed diplomatic relations with Cuba, imposing a trade embargo
Ban of all US/Cuban trade and forbidding U.S. citizens to travel to Cuba or conduct financial or commercial transactions with the country
Cuban MiGs shot down 2 civilian airplanes, killing 4 Cuban-Americans
In 1996, President Bill Clinton signed the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act
Boycotted WTO's appeal for dispute resolution with Cuba, on grounds of human rights issues
Two key Provisions
Denies entry into the United States to corporate officers of companies from other countries doing business on US property in Cuba that had previously been confiscated
It allows US companies and citizens to sue foreign firms and investors doing business on U.S property confiscated in Cuba
Rollback of various restrictions
At a Summit of the Americas in Trinidad, President Obama declared, "the United States seeks a new beginning with Cuba. I know there is a long journey that must be traveled in over-coming decades of mistrust, but there are critical steps we can take."
Raul Castro responded stating, "We could be wrong, we admit it. We're human beings. We're willing to sit down and talk, as it should be done."
Concerns, Issues and Problems -
Political, Legal and Regulatory Environment
Question: How many of you think it is possible to do business with Cuba from a Australian perspective?
Wants America to solve their dispute with Cuba and dissolve the Helms-Burton Act
EU understand that there are many economic advantages to tap in Cuba
United Nations have been actively engaging America in lifting the embargo
Nations are asking for America to settle the dispute instead of resorting to sanctions
WTO tried to appoint panel to help both America & Cuba in resolving their dispute
Dispute between America & Cuba, escalated to economic sanctions
Embargo policies of America then affected other nations, such as Canada, Europe & many more
America refused to participate in arbitration
New administration (Obama) and new polices have been drafted
Cuba have also moved towards a "new" government
Both sides are now willing to engage in dialogs
Question: Do you think it is possible for us to travel to Cuba, for a recreational trip or a holiday?
As marketers, we have to tread lightly within the political and regulatory environment of nations. Understanding the differences that exists in each nation's legal and political system.
What's the next step?
Ultimately, it is out of our hands...