Coauthors Gary Clyde Hufbauer, Barbara Kotschwar, and Cathleen Cimino presented the main conclusions of their new book Economic Normalization with Cuba: A Roadmap for US Policymakers, at the book release meeting on May 5, 2014, at the Peterson Institute for International Economics. Joining them in the discussion were John Veroneau, former deputy US trade representative and currently head of the International Trade and Finance practice group at Covington & Burling LLP; R. Scott Miller, Center for Strategic and International Studies and former director for global trade policy at Procter & Gamble; and Alana Tummino, Americas Society and the Council of the Americas.
After more than a half century of distrust and tough economic sanctions imposed by Washington, Cuba and the United States may be approaching a new phase in their relationship. The authors refrain from speculating on when or how political normalization will take place. Rather, they lay out possible steps that US policymakers and businesses can take to restore normal—and reciprocal—economic relations with Cuba when the time comes, and they focus on the universe of economic and trade issues that will inform the terms and scope of normalization. The study offers a number of practical tools for advancing closer economic relations, should the door to commerce between the two countries open in both directions.