It’s been a busy first month in office for President Barack Obama. His attention, understandably, has been focused on economic policies. Even so, other issues require the administration’s notice as well. The United States’ relationship with Cuba, less than 100 miles from the nation’s shores, is a case in point.

If any reminder about Cuba’s importance vis-à-vis U.S. foreign policy is required, two events this week pointedly serve that purpose.

Cuban leader Raul Castro marked his first year in office. His growing role in international affairs is a sign that the island nation remains a power even if Fidel Castro is no longer calling the shots. Closer to home, Sen. Richard Lugar, R-Ind., the ranking Republican on the Senate Foreign Relations Committee, urged a timely review of U.S. policy toward Cuba, especially the demonstrably ineffective trade embargo that is the cornerstone of U.S.-Cuba doctrine.

Sen. Lugar’s suggestion is worth heeding, particularly since the GOP has long pushed restrictive policies against Cuba. Moreover, the timing is almost perfect. President Obama said during his campaign that he would lift some restrictions currently in place against Cuba and he seems willing to talk seriously about ending the embargo. If that is the case, Mr. Obama might find a willing partner. Raul Castro quite likely is more open to overtures from U.S. officials than was his brother.

So far, Mr. Obama has not addressed the nation’s Cuba policy. He should, whether it be directly, through Secretary of State Hillary Clinton, or by lower-level diplomatic contact. Current policy is a failure and it is time to update it.

There can be little argument that the embargo, designed to coerce or force Cuba to give up its current form of government and embrace democracy, is a failure. Rather, it has punished individual Cubans by depriving them of foodstuffs, medical supplies and other essentials while providing the Cuban government with a convenient scapegoat on which to blame the nation’s ills.

Moreover, it has failed to isolate Cuba. Fidel Castro established strong relationships around the globe. Raul has continued to do so. During his tenure, he’s grown especially close to Hugo Chavez, the Venezuelan leader and avowed enemy of the United States. Similarly, he’s worked comfortably with other regional leaders whose antipathy toward the United States is well known.

A more sensible U.S. policy would encourage fruitful economic and diplomatic relationships that would bind Cuba to the United States rather than drive it away. If democracy is to sprout in Cuba — and that is a much desired goal — more discussion and compromise and less belligerence and demagoguery is required.

Mr. Obama’s assumption of office provides a chance to revisit and revamp U.S. policy toward Cuba. Raul Castro’s ascension to power provides an opening for meaningful dialogue. The president has much on his plate these days, but the opportunity to improve the Cuba-U.S. relationship is one that he can not allow to slip away.