The resumption of diplomatic relations between the United States and Cuba after more than five decades not only erases one of the last remnants of the Cold War but should trigger a thaw in Washington's frosty relations with many of Cuba's allies in the region. It was a bold foreign policy move by Barack Obama who is nearing the end of his presidency and he will now be credited for ending more than 54 years of acrimony between the two countries.
However, while this is the biggest shift in US-Cuba relations since an economic embargo was imposed in 1960 and the two countries severed diplomatic relations in 1961, it is not the first step in that direction.
Wednesday's historic development follows several small steps taken over the last six years, starting with the easing of restrictions on family travel and remittances to Cuba in 2009, as well as expansion of the list of items eligible for humanitarian export to Cuba, and new regulations for US telecommunications companies to expand the flow of information to Cuba.
Then in 2011, the US made regulatory changes to allow religious, cultural, educational and people-to-people travel to Cuba and expanded the list of groups and individuals eligible to send and receive remittances from the Spanish-speaking island.
Wednesday's simultaneous announcements by Presidents Obama and Raul Castro led to an easing of restrictions on travel to Cuba, so that family visits, official government business and educational travel can now take place, although a tourist travel ban remains. The opening of a US embassy in Havana and a review of Cuba's designation as a state sponsor of terrorism are the other immediate benefits from the new accord.
The final hurdle that remains is the economic blockade. However, only the US Congress can revoke that measure and early indicators are that it will be strongly resisted by the Republicans who will form the majority on Capitol Hill from next month. Key members of that party have already expressed their opposition to the move, although it has been applauded by most of the rest of the world.
However, it will be difficult for Republicans to completely ignore the benefits of this improved US-Cuba relationship. For several years, major US corporations, particularly in the agribusiness and consumer-goods sectors, have been noting the market potential in Cuba. Very likely, these business interests will lobby the Republicans to back lifting of the embargo.
Unlike Washington, T&T and the rest of Caricom have long seen the benefits of full diplomatic relations with Cuba. Indeed many of the countries of Latin America and the Caribbean have supported the annual United Nations resolution calling for the lifting of the embargo. As recently as last week Monday, at the Fifth Caricom-Cuba Summit, members of the regional group made an official call for Cuba to be fully integrated into the hemispheric arrangements and the lifting of the embargo.
For allies of the two nations, particularly in the Americas, a door has been opened for transformed trade, political and social exchanges with benefits that will extend well beyond the borders of the US and Cuba.