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Oct 02, 2014
ASA joined other industry leaders this week signing a statement in support of a settlement between the U.S. and Brazil regarding a dispute over U.S. cotton subsidies.
The statement called the announcement an “important milestone” in moving forward for both countries.
“The settlement removes the threat of retaliation against U.S. exports and provides certainty to U.S. producers and exporters of U.S agricultural products,” the groups stated, “As organizations representing producers and agribusinesses across the country, we support this agreement. Ambassador Vetter and the teams at USDA and USTR deserve credit for negotiating an agreement that is workable for U.S. agriculture and lays a sound foundation for a more productive relationship with our trading partners in Brazil and around the world.”
The statement also emphasized that GSM export credit guarantee program remains vital to ensuring the smooth operation of agricultural export markets.
“Today's agreement means that this important program will continue operating, though with its features substantially modified. Most importantly, the settlement preserves the program for times when the capital markets become constrained, as they were in 2008, and when purely private sources of export financing become far more limited," the groups said.
