After more than 50 years, US President Barack Obama announced plans Wednesday to restore relations with Cuba and re-establish economic ties with the country which could benefit US agriculture and exports.

“I believe that American businesses should not be put at a disadvantage, and that increased commerce is good for Americans and for Cubans,” Obama said. “So we will facilitate authorized transactions between the United States and Cuba.  US financial institutions will be allowed to open accounts at Cuban financial institutions.  And it will be easier for US exporters to sell goods in Cuba.”