U.S. and Cuba restore ties

The United States and Cuba have reached a historic agreement to reopen embassies and restore diplomatic ties severed more than five decades ago

U.S. Embassy in Havana closed in 1961, to reopen mid - July

Cuban president Raúl Castro
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KEY STEPS IN DIPLOMATIC THAW

Jun 2013-Dec 2014: Secret talks between U.S. and Cuba take place in Canada and Vatican – brokered by Pope Francis

Dec 17: U.S. contractor Alan Gross released from jail in Cuba in return for three Cubans held in U.S.

U.S. and Cuba announce plans to renew diplomatic ties

Apr 2015: Obama and Castro meet in Panama in first meeting between leaders of two nations in more than half a century

May: U.S. removes Cuba from list of state sponsors of terrorism

Jul 1: Both countries announce opening of embassies in Havana and Washington
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CUBA’S TOP TRADE PARTNERS (Imports, % of total, 2013)

China 20

Spain 15

Brazil 7.5

Canada 6.5

Mexico 5.3

U.S. 5.1
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CUBAN TRADE WITH THE WORLD ($ millions)

Imports

Exports

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000

1948 60 70 80 90 2000 10 14

1959: Cuban revolution

1961: U.S. imposes trade embargo

1991: Collapse of Soviet Union

Cuban embargo costs U.S. businesses up to $1.2bn a year in lost sales. If embargo is lifted, firms like Pernod Ricard could sell Cuban rum in U.S. market, which accounts for 40% of global rum sales. Only U.S. Congress can end embargo
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Sources: WTO, International Trade Centre 

Pictures: AP, Getty Images

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