U.S. lawmakers led by Rep. Rick Crawford (R-AR) and supported by Representatives Mike Conaway (R-TX) and Ted Poe (R-TX) have introduced a new bill, the Cuba Agricultural Exports Act (HR 3687) that if passed into law would allow for limited U.S. investment in Cuban agribusinesses as long as the business invested in is certified by U.S. regulators as being privately held and not controlled by the government of Cuba or its agents.

 

Currently it is legal for U.S. producers to exports agricultural goods and food to Cuba, however, restrictions on financing and banking systems between the two countries, and marketing limit competitiveness in Cuba are hampering any potential for growth on that score.

 

"While the Administration has called on Congress to repeal the embargo entirely, I think the correct approach is to make cautious and incremental changes to current Cuba policies in ways that benefit the United States," Rep, Crawford said in a statement regarding the bill. "The Cuba Agricultural Exports Act would allow our producers to compete on a level playing field in the Cuban market, a significant opportunity for American farmers and ranchers."

 

The Cuban market is valued at US$1 billion per year, and it is estimated that the country imports up to 80% of its food supply, with the U.S. have a natural trade advantage given its geographic proximity to the country.

 

"I believe that agriculture trading partnerships with Cuba will help build a foundation of goodwill and cooperation that will open the door to long-sought reforms in the same the way that American influence has brought reform to other communist states," Crawford said.