World Trade Organization


Miriam Czech

Cite as

Australia, World Trade Organization, The Cuban Embargo - Fostering the development of international trade with Cuba

Almost 60 years ago, after entering with his forces into Havana, Fidel Castro became the prime minister of Cuba. Soon, the government initiated nationalisation of economy. The process included transformation of all U.S. businesses into national ones without any compensation. In response, the United States of America imposed an economic, commercial, and financial embargo against the country, and after a year broke off also diplomatic relations. In 1996, the embargo was formalized, and penalization of foreign investors doing businesses with Cuba was introduced. The act stipulated conditions on which embargo could be lifted, such as the removal of the Castro regime. In 2003, the embargo was tightened by intensifying border control, as a reaction to the crackdown on human rights in the country. ...