With a population of over 11,000,000 people Cuba remains an untapped market for American goods. Cuba's infrastructure is based largely on Pre-Revolution American and Soviet technology. Cuba has an estimated GDP at $144.6 Billion, with a huge possibility for expansion.
Cuba's recent discovery of Oil gives it the ability to be a powerhouse in the Oil industry if they can properly develop their resources.
Cuba is also a large producer of Sugar Cane which is what Brazil uses for Ethanol allowing the import of Cuban Sugar into the US would significantly decrease the price of Sugar and make it viable as a fuel alternative.
Which leaves Cuba a Gold mine if managed correctly. As the Cuban people become wealthier through exports they will also want more finished goods. Which the US can supply and develop a trade relationship.
Why?
It's good for the Car industry. Everyone has seen the pictures of the cars on the Streets of Havana. They're a Car collectors dream with antique cars made by American manufacturers. However the cars are breaking down due to lack of parts which if trade flows Americans could be back in the factories of Detroit making for export.
Also we could get a Sugar Ethanol industry in this country going. It could be modeled after the Brazilian system which has been pretty successful in reducing the countries dependence on Oil. We need to expand the variety of Alternative fuels in this country. The more choices people have to get off of oil the easier it will be. Another fuel source could also spur the Car companies to get behind real flex fuel cars that help modernize our country.
It's more likely to produce Democratic changes in Cuba. As the Cuban people's economic possibilities increase so will their wants for reform and more independence. The most important thing for a Democracy is a robust middle class with the possibility for economic mobility. That can happen if we encourage fair trade practices with Cuba that make sure the money is pocketed by a few and is distributed widely.
Now the main arguments against normalizing relations tend to range from Protectionism to Fraud. Cubans aren't becoming more free under the embargo. The embargo only makes them more reliant on the Government and less likely to ask for reforms. The only people who'll get hurt by Cuban imports are the large sugar growers in places like Florida, who rely on subsidies and keeping the price high through virtual monopoly.
When Smart Economic policy coincides with Smart Diplomatic policy we should jump to it. Continuing to alienate Cuba only pushes them back into their old alliances with Russia and China who want Cuba's oil reserves for different reasons. Russia wants control of the Oil markets to rival OPEC. And China wants to secure a source of Oil independent of the Middle East. End the Embargo.