For immediate release: Saturday, May 11, 2002

Press contact: Brian Alexander with the Cuba Policy Foundation

Cell (202) 321-CUBA (2822)

IMPROVED U.S.-CUBA RELATIONS BENEFITS U.S. ECONOMY

EASING EMBARGO WOULD BRING REVENUE, JOBS

Saturday, May 10, 2002, Washington – If President Carter’s trip to Cuba succeeds in improving U.S.-Cuban relations, the American economy will benefit. Carter, the first American president in or out of office to arrive in Castro’s Cuba, will seek to promote dialogue between the U.S. and Cuba. The former president is also a known opponent of the U.S. embargo.

Recent studies place the economic impact of the embargo on the United States economy in the billions of dollars. “The U.S. embargo of Cuba has failed to produce political and economic reform in Cuba. Moreover, the embargo hurts the U.S. economy and causes real pain for the American people,” according to Ambassador Sally Grooms Cowal, president of Cuba Policy Foundation.

The Ambassador adds, “When a policy fails to achieve its goals, and is bad for America, it is time for a new policy.”

The U.S. economy is being hurt by the embargo of Cuba. Here’s how:

· Without the embargo the U.S. economy would gain up to $1.24 billion annually in agricultural exports to Cuba – and up to $3.6 billion more annually in related economic output, according to a study by Texas A&M University, conducted for Cuba Policy Foundation. This would bring over 30,000 jobs to Americans through agriculturally related output.

· Lifting the U.S. embargo against Cuba could result in $2 billion to $3 billion annually for the U.S. energy industry, according to a report produced by energy experts at Rice University for the Cuba Policy Foundation.

· According to the latest estimate by the CIA, Cuba imported $3.4 billion dollars in goods in 2000, from a total of over 50 countries.

· According to the Texas A&M study, Georgia is losing up to $28.7 million in annual agricultural exports as a result of the Cuban embargo. This would translate into approximately 863 jobs for Georgians.

· According to J. Kenneth Lipner, of Florida International University, it is estimated that that annual economic costs to the Miami economy for the Cuban trade embargo is close to $1 billion.

· According to Ron Soligo, Professor of Economics, Rice University, in an analysis conducted for the Cuba Policy Foundation, the U.S. embargo against Cuba is costing Texas $387 million in revenue per year.

· According to Nicholas A. Robins, Ph.D. and Maria F. Trujillo of Tulane University, normalized trade relations with Cuba would create between 2,388 and 15,423 jobs in Louisiana.

For more information, please contact the Cuba Policy Foundation.

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