PANAMA CITY, April 11 -- U.S. President Barack Obamasaid here Saturday that he has not yet decided on whether to remove Cuba from State Sponsors of Terrorism List, following his first in-depth talks with Cuban leader Raul Castro on the sidelines of a regional summit.

Obama, however, also said Cuba is not a threat to the United States.

"We are not in the business of regime change," he said, stressing that the Cold War on Cuba is over.

The U.S. State Department has completed the review of Cuba's status and recommended the White Houseremove Cuba from State Sponsors of Terrorism List.

Obama had vowed to act quickly once he receives the department's recommendation.

Should Obama approve the recommendation, the dismissal would not take effect immediately because the White House has to submit the report to the U.S. Congress for a 45-day review.

Cuba was added to the blacklist in 1982 and its presence has been a major sticking point in the restoration of full diplomatic relations between the two countries.

After half a century of hostility, both sides announced starting the process of normalization of relations in December 2014. Obama later ordered the review of Cuba's status on the list.

According to the U.S. State Department, Cuba's being on the list was partly due to its support for members of the Revolutionary Armed Forces of Colombia (FARC), Colombia's largest rebel group.

Havana now serves as a key player to facilitate peace talks between the Colombian government and the FARC. Colombian President Juan Manuel Santos has expressed gratitude to Cuba on various occasions.

The inclusion in the list has effects on four categories including restrictions on U.S. foreign assistance; a ban on defense exports and sales; certain controls over exports of dual-use items; and miscellaneous financial and other restrictions.