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Article: U.S. changes food trade rules regarding Cuba.(Brief Article)
- Article from:
- Food & Drink Weekly
- Article date:
- February 28, 2005
CopyrightCOPYRIGHT 2005 Informa Economics, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The U.S. Treasury Department announced February 22 that it will begin requiring Cuba to pay for farm goods before they leave U.S. ports, a change that U.S. farmers' groups say will hurt lucrative food sales to the island. The decision effectively outlaws the current system, whereby U.S. exporters receive payment via third-country banks, when their shipments arrive at Cuban ports. The Treasury Department's Office of Foreign Assets Control (OFAC) said the decision would make it possible to administer existing sanctions against Cuba, while ensuring the island can continue to receive food shipments and medical supplies from US exporters.
However, Cuban officials have ...