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Posted December 13, 2004 by publisher in Cuba-US Trade

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Because changing the method of payment for U.S. farm goods sold to Cuba could be detrimental to America’s farmers and ranchers, a letter from AFBF and other ag groups was sent to President Bush. The letter asked the president to direct the Office of Foreign Assets Control to not change method-of-payment procedures for exports to Cuba.

Indications are that the OFAC is preparing to require Cuba to make payment for any agricultural shipments prior to the goods leaving the United States, rather than the international standard, which is payment prior to unloading.

Since agricultural product and food product exporting to Cuba began in December 2001, under terms of the Trade Sanctions Reform and Export Enhancement Act of 2000, Cuba has become the United States’ 21st largest agricultural market.

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