WASHINGTON (Sputnik) — US and Cuban officials will discuss the regulations for US exporters to Cuba at a meeting in the first quarter of 2016, US Deputy Assistant Secretary of Commerce for Export Administration Matthew Borman told Sputnik on the sidelines of the Cuba Summit in Washington, DC.
"We will have another regulatory dialogue with Cuban officials probably in the first quarter of next year," Borman said on Thursday, adding that the meeting will likely take place in the United States since the first one was held in Cuba.
Borman noted that currently the Department of Commerce is educating US businesses on the regulatory environment for exports to Cuba, so that they can take advantage of the regulatory changes.
“We are continuing to take feedback from US companies, so that if there are things that are not clear in the regulations or otherwise need clarification, we can put that out to the public,” he added.
US Deputy Assistant Secretary for America and Cuba Alex Lee stated on Thursday the US government is currently stimulating American businesses to visit Cuba to explore opportunities of the island.
Despite the progress, Washington continues to hold a congressionally mandated embargo on Havana.
Matthew Borman also said that companies in the United States are very interested to work in Cuba.
"Yes very high level of interest," Borman said on the sidelines of the Cuba Summit in Washington, DC on Thursday in response to a question whether there is interest from US businesses to go to the island nation.
Borman explained that the US agricultural, telecommunications and medical sectors as well as small businesses have been exporting to Cuba.
"Last year we issued export licenses for $2 billion worth of us exports to Cuba," he added. "I expect [exports] would increase next year."
Borman also stated that the Cubans have a "very high level of interest" in obtaining goods and services from the United States such as agricultural products.
"The Cubans import rice from Vietnam, and because of transportation costs they pay $40 a ton more for that if the rice came from the United States," Borman explained.
"US companies, if they want to do business in Cuba and hire individuals, have to hire them through the Cuban government," Borman said on the sidelines of the Cuba Summit in Washington, DC on Thursday. "That’s a business impediment for US companies. So, those kinds of things still need to be addressed."
Borman noted that Cuba’s simultaneous use of a convertible and domestic currency creates another impediment for US companies.
