Cuba implements major economic reforms to increase trade openness

Cuba is implementing a series of significant economic reforms aimed at structural transformation and increased openness. According to Carlos Luis Jorge Méndez, Deputy Minister of Foreign Trade and Foreign Investment, a package of 176 economic changes across 23 thematic areas is being integrated into law.

Key components of these reforms include allowing private Cuban companies to manage imports and exports directly, bypassing mandatory state agencies. Additionally, the reforms abolish the requirement for foreign investors to hire workers through state agencies and expand the rights of foreigners to develop real estate within the country. Officials state these transformations are intended to be permanent shifts in the national economy, with all measures expected to be in effect by the end of 2026.

Complementing these shifts, the Cuban government has published new regulations via Decree 167 to reorganize domestic trade. These rules aim to update the legal framework for wholesale and retail activities, simplify commercial licensing, and emphasize transparency and consumer protection. The government is also implementing a new commission and bonus scheme for electronic payments to balance value between consumers, businesses, and banks.