ASA supports Cuba soy trade bill

The American Soybean Association (ASA) announced on Monday (Nov 9) its support of proposed legislation that would expand agricultural trade to Cuba.

ASA said it has supported eliminating trade sanctions against Cuba. In 2008, more than US$134 million in soy products were exported to Cuba.

According to the association, US suppliers can reach the three major Cuban ports in a matter of one day or less, compared to 25 days from Brazil.

However, ASA said that even though US firms offer reliable trading partners, quality products, and competitive prices, current US policy hampers their ability to supply the Cuban market.

ASA said the legislation would provide a direct payment provision that would eliminate the need to go through banks in other countries to conduct agricultural trades, along with the accompanying fees those banks charge.

The legislation will require agricultural exports to Cuba to meet the same payment requirements as exports to other countries by requiring payment when the title of the shipment changes hands.

ASA said Collin Peterson, agriculture committee chairman, will be introducing the Cuba trade legislation with representative Jerry Moran, Agriculture Appropriations Chair Rosa DeLauro, and representative Jo Ann Emerson.