Continuing with promises to ease relations with Cuba, President Barack Obama announced on Thursday that Americans will face fewer obstacles in traveling to the island nation under new regulations.

While not lifting the decades-old U.S. embargo on the island, the new rules on travel and trade are likely to herald a new era in ties between the two countries. Under the new regulations Americans will be able to visit Cuba without first seeking a license from the Treasury Department, so long as the travel meets certain criteria. The new regulations will take effect Friday, according to the U.S. Treasury.

"Today's announcement takes us one step closer to replacing out of date policies that were not working and puts in place a policy that helps promote political and economic freedom for the Cuban people," Treasury Secretary Jack Lew said in a statement, according to CNN.

Obama is seeking to deepen not only U.S.-Cuba economic relations but also cultural and tourism ties between the countries.

"The one logical thing they could do is let individuals create their own people-to-people program and not force them to go on expensive package tours. If they do that and it's possible to book an ordinary flight instead of go on a charter, lots more people would go to Cuba," ," said William LeoGrande, a professor at American University who has written extensively about U.S.-Cuban negotiations, according to The Wall Street Journal.

 "There is no question that the administration decision to do this is based on our notion that Americans getting to know Cubans and Cubans getting to know Americans. And really beginning to travel more and to be engaged is the way in fact that a transformation is going to be infected. And so if people want to be a part of that or not it is up to them. But we certainly think it is a fascinating time here and a fascinating time to be engaged," said  Secretary of State John Kerry to ABC News.