Canada has an established and stable trade relationship with Cuba. There have been immediate changes following the U.S./Cuba rapprochement and economic benefits in terms of travel, remittances and trade restrictions. However, the U.S. has yet to fully remove sanctions on the island and the trade embargo remains firmly in place. In 2017, some of the economic benefits previously announced were cancelled, causing a setback for U.S./Cuba relations. Cuba signed a historic agreement with Paris Club creditors in December 2015, resulting in billions of debt forgiveness. However, no short-term change is expected that would benefit Canadian exporters and investors; the economic conditions remain weak and the business climate remains challenging.