The Trade Sanction Reform and Export Enhancement Act (Title IX) was enacted by the

United States Congress The United States Congress is the legislature, legislative branch of the federal government of the United States. It is a Bicameralism, bicameral legislature, including a Lower house, lower body, the United States House of Representatives, ...

and signed by President

Bill Clinton William Jefferson Clinton (né Blythe III; born August 19, 1946) is an American politician and lawyer who was the 42nd president of the United States from 1993 to 2001. A member of the Democratic Party (United States), Democratic Party, ...

in 2000. The act altered regulations in regards to U.S. trade with

Cuba Cuba, officially the Republic of Cuba, is an island country, comprising the island of Cuba (largest island), Isla de la Juventud, and List of islands of Cuba, 4,195 islands, islets and cays surrounding the main island. It is located where the ...

. Under the act, the trade of certain agricultural commodities (defined and listed under section 102 of the Agricultural Trade Act of 1978) and

medicine Medicine is the science and Praxis (process), practice of caring for patients, managing the Medical diagnosis, diagnosis, prognosis, Preventive medicine, prevention, therapy, treatment, Palliative care, palliation of their injury or disease, ...

medical device A medical device is any device intended to be used for medical purposes. Significant potential for hazards are inherent when using a device for medical purposes and thus medical devices must be proved safe and effective with reasonable assura ...

s (defined and listed under section 201 of the

Federal Food, Drug, and Cosmetic Act The United States Federal Food, Drug, and Cosmetic Act (abbreviated as FFDCA, FDCA, or FD&C) is a set of laws passed by the United States Congress in 1938 giving authority to the U.S. Food and Drug Administration (FDA) to oversee the food safety ...

) became permitted. This act does not change any

legislation Legislation is the process or result of enrolling, enacting, or promulgating laws by a legislature, parliament, or analogous governing body. Before an item of legislation becomes law it may be known as a bill, and may be broadly referred ...

in terms of receiving U.S.

import An importer is the receiving country in an export from the sending country. Importation and exportation are the defining financial transactions of international trade. Import is part of the International Trade which involves buying and receivin ...

s from Cuba. In addition, the act is not comprehensive and still heavily regulates what goods are

export An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is a ...

ed to Cuba. Trade of any

commodities In economics, a commodity is an economic good, usually a resource, that specifically has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. Th ...

must follow strict regulations. Exports to Cuba can only be paid in

cash In economics, cash is money in the physical form of currency, such as banknotes and coins. In book-keeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-i ...

only sales that are paid in advance and must be financed by third country

financial institution A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial ins ...

Credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...

and

debit Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value ''to'' that account, and a cred ...

transactions are not authorized, but

foreign bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks ...

ing institutions may finance transactions and U.S.

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

s may confirm or advise such foreign bank letters or credit. In terms of traveling to trade, travel to and from Cuba can be permitted under this act with special approval for individuals trading any of the commercial goods permitted under the terms of the act. Leisure travel and travel related transactions are still not allowed. In order to travel to Cuba for agricultural or medical trade, a license must be obtained through the Treasury Departments Office and Foreign Assets Control. Any person who violates the terms of the Trade Sanction Reform and Export Enhancement Act will be punished with the terms following the

Trading with the Enemy Act Trading with the Enemy Act is a stock short title used for legislation in the United Kingdom and the United States relating to trading with the enemy. ''Trading with the Enemy Acts'' is also a generic name for a class of legislation generally pas ...

. As a result of this act, Cuba has received many goods from the United States. In 2006, Cuba was ranked the 33rd largest market for U.S. agricultural exports."Trade with Cuba." United States Department of Agriculture: Foreign Agricultural Service. 12 Jan 2009. USDA. 18 Oct 2009. .

References

{{reflist Cuba–United States relations

See also

References