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AMI, 27 Other U.S. Agriculture Groups Urge Administration to Reconsider Terms for Food Sales to Cuba

Friday, April 5, 2002

In an April 4 letter to USDA Secretary Ann Veneman, AMI and 27 other U.S. agricultural/agribusiness entities urged the Bush administration to reconsider its opposition to repealing a provision of current U.S. law prohibiting agricultural exporters wishing to sell products to Cuba from using U.S. banks or financial institutions to execute the sale. Currently, the role of U.S. banks is limited to confirming or advising letters of credit issued by third-country financial institutions. AMI and other groups signing the letter point out that this restriction increases the cost and complexity of the export transaction by adding additional banking fees and makes U.S. products less competitive in the Cuban market. A copy of the letter is available at: http://www.meatinstitute.org/Template.cfm?Section=Cuba&NavMenuID=381&template=TaggedContentFile.cfm&NewsID=491.

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