Via U.S. Department of the Treasury Press Release
Amendments Implement President Trump's June 2017 National Security Presidential Memorandum (NSPM) Strengthening the Policy of the United States Toward Cuba
WASHINGTON – Today, the Department of the Treasury's Office of Foreign Assets Control (OFAC) and the Department of Commerce's Bureau of Industry and Security (BIS) are announcing amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), respectively, to implement changes to the Cuba sanctions program announced by the President in June. The State Department is taking complementary steps to implement these policy changes that cumulatively seek to channel economic activities away from the Cuban military, intelligence, and security services, while maintaining opportunities for Americans to engage in authorized travel to Cuba and support the private, small business sector in Cuba. The changes will take effect on Thursday, November 9, 2017, when the regulations are published in the Federal Register.
"We have strengthened our Cuba policies to channel economic activity away from the Cuban military and to encourage the government to move toward greater political and economic freedom for the Cuban people," said Treasury Secretary Steven Mnuchin.
For the Treasury regulations, which can be found at 31 Code of Federal Regulations (CFR) part 515, see here. For the Commerce regulations, which can be found at 15 CFR parts 730-774, see here. For the State Department list, which can be found on the State Department website and in the Federal Register, see here. Major elements of the changes in the revised regulations include:
Trade and Commerce
Support for the Cuban People Travel
Wolf Administration Bolsters Business Partnership with Israel, Further Commits to Trade and Investment
Via The Pennsylvania Department of Community and Economic Development Press Release
Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Dennis Davin joined representatives from the state of Israel, the Philadelphia-Israel Chamber of Commerce, the Philadelphia Jewish Federation, and the Pennsylvania Jewish Coalition to sign an agreement with the Israeli Innovation Authority (IIA) to further commit to trade and investment with Israel.
“I am excited to finalize this agreement, which will help Pennsylvania work closely with the Israel Innovation Authority to support startups from Israel and shepherd joint ventures between Israeli companies and Pennsylvania companies,” said Secretary Davin. “Governor Wolf and all of us at DCED look forward to using this agreement to work more closely with Israel.”
The agreement will strengthen Pennsylvania’s relationship with the IIA, a semi-independent authority within the Israeli Ministry of Economy. It will help DCED work with the IIA to find innovative companies in Israel and attract them to Pennsylvania, boosting the commonwealth’s economy and creating jobs. In 2016 alone, more than $4.3 billion in two-way trade occurred between Pennsylvania and Israel.
“This historic agreement will strengthen the commercial ties between Innovation Nation and the Commonwealth of Pennsylvania,” said Vered Nohi, Executive Director of the Philadelphia-Israel Chamber of Commerce. “It will facilitate joint ventures, accelerating ingenuity and commercialization. Not only it will grow both economies, but also attract more Israeli companies to call Pennsylvania their U.S. home. What a great day for members of the Philadelphia-Israel Chamber of Commerce.”
The agreement will also serve to highlight Pennsylvania’s existing capabilities and programs through DCED’s Office of International Business Development (OIBD) that help attract businesses from dozens of countries to the commonwealth. OIBD serves as the agency’s primary arm for fostering trade and investment around the globe, acting as a liaison with foreign companies and governments. OIBD opens the door to Pennsylvania amid ever-increasing competition between the states for overseas investment. In FY 2016-17, approximately 9,000 jobs were supported by OIBD’s programs and services.
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Michael Gerber, DCED, 717.783.1132