Traders in the US are optimistic that the restrictions on letter of credit (L/C) transactions in US-Cuban trades may be eased.

This optimism stands in stark contrast to Washington's recently announced tightening of the financial rules on US exports to Cuba. (DC World News, 23 February 2005).

Cuban visit

In a letter to a Louisiana newspaper, a Florida rancher is calling on the state's governor to persuade decision makers in Washington that now is the time remove the US trade embargo on Cuba.

Chairman of J P Wright & Co, John Parke Wright is calling on Governor Kathleen Blanco and her Louisiana Trade Delegation to use an upcoming visit to Cuba to press for more liberal trade terms.

Since 1998, Wright he says he has been able to travel to Cuba with a US Treasury License to engage in agricultural sales to Cuba and along with other US companies, his company has re-opened the supply of US food products and other basic necessities to the Cuban people.

L/C permission

Wright is also pleased that earlier in March, he received permission from the US Treasury to trade on an L/C basis. Now he would like this permission to be granted more widely.

Washington last month said it would tighten financial rules on US exports to Cuba to put pressure on Havana to introduce democratic reforms.

Officials said L/Cs would only be allowed for the next month, after which Cuban importers must pay cash up front for US goods.

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