(VOVworld) – US President Barack Obama’s historic visit to Cuba this week creates new hope for ending half a century of hostilities between the two countries. It is also expected to reset US policy on Cuba.

President Obama is the first sitting US President to visit Cuba since 1928. During his 3-day visit, which began on Monday he has met with President Raul Castro, met with Cuban businesses, delivered a speech on Cuban television, and attended a friendly baseball match between the American Tampa Bay Rays team and Cuba’s national team.

Historic visit

President Obama was warmly welcomed by Cubans, who hope his visit will lift Cuba’s economy out of isolation for future growth. The visit is considered a step towards removing barriers in trade, exchanges, and normalization of diplomatic relations.

Thawing US-Cuba relations will be mutually beneficial and meet the aspirations of both countries’ people. US economic sanctions on Cuba have resulted in huge losses to the US. The embargo has reportedly caused an annual 3.6 billion USD loss to the US economy and kept US citizens from accessing Cuban medical products.

Normalized ties with the US will spur Cuba’s socio-economic growth. Since Cuba embarked on socialism building in 1959, it has faced strong US pressure politically and economically. This has prevented Cuba from making the most of its strategic geographical location and abundant resources. Improved relations with the US will stimulate reforms in Cuba, whose efforts to update its economic model would benefit from foreign help in capital, technology, and energy.

Pending differences

Differences between the US and Cuba remain despite improvements in bilateral ties in recent years. President Obama, whose stance on relations with Cuba is much more positive than that of his predecessors, said the aim of his policy on Cuba has not changed, only the way it is implemented. In an official statement the Cuban government said it will not give up any revolutionary idea or principle that Cubans have died for and upheld. Prior to President Obama’s visit, Granma, the newspaper of the Communist Party of Cuba said Havana is ready to expand ties with Washington but will continue on its path of socialism. Cuba has insisted that to fully normalize relations the US should remove all economic, financial, and trade sanctions against Cuba and return Guantanamo Bay, which has been illegally occupied by the US and serves as a US military base.

Analysts say that in the medium term President Obama’s visit will promote a more progressive US policy on Cuba and Latin America but both countries still need time to iron out their differences.