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Agriculture Exports to Cuba Could Benefit from New Credit Legislation

Agriculture Exports to Cuba Could Benefit from New Credit Legislation

Photo: WNAX


Senate Appropriators have approved legislative provisions that could ease credit restrictions on U.S. exports to Cuba. One amendment would let U.S. private banks and companies offer credit to finance agriculture exports. National Farmers Union President, Roger Johnson says that amendment is important, because it eliminates the need for third party banks to handle exchanges.

Johnson says the current system is inefficient and causes exports to lose value going through different money exchanges on their way to the final destination.

He says the financing restrictions are the biggest obstacle to U.S. competition for markets in Cuba.

The majority of Cuba’s food imports now come from Brazil, Vietnam, the European Union and Canada.

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