The Foreign Agricultural Service announced financing, trade promotion, training and food assistance programs to expand access for U.S. products to the Venezuelan market.
The Daily Journal.- The Foreign Agricultural Service (FAS) of the U.S. Department of Agriculture (USDA) announced Thursday a series of initiatives aimed at expanding agricultural trade with Venezuela through export financing mechanisms, market promotion, technical training and food assistance.
The measures aim to support U.S. exporters and expand their access to the Venezuelan market as the country continues to recover from damage caused by the recent earthquakes, according to the FAS.
“The Trump Administration is committed to Venezuela’s economic prosperity, and USDA is leveraging our export financing mechanisms, market development programs, technical fellowships and food assistance efforts to meet this moment,” said Luke J. Lindberg, Under Secretary for Trade and Foreign Agricultural Affairs.
Lindberg, who visited Venezuela a few days after the earthquakes, said he hopes to harness the U.S. agricultural sector’s capabilities to meet the needs of the Venezuelan market and establish long-term trade relationships.
“Having visited Venezuela just days after its devastating earthquakes, I witnessed the resilience of its people in the face of adversity, and I look forward to positioning U.S. agriculture to help address critical needs and forge lasting trade relationships,” he said.
Credit for Venezuelan buyers
One of the main instruments announced is the GSM-102 Export Credit Guarantee Program, through which the USDA seeks to facilitate sales of U.S. agricultural products to Venezuelan importers.
The program guarantees payments to U.S. exporters and reduces commercial risks by providing a credit financing option for Venezuelan purchases.
The FAS also announced the removal of restrictions under recent updates to the Food and Agriculture Resilience Mission Initiative, allowing any authorized foreign banking institution to support Venezuelan commercial transactions.
According to the USDA, this change could expand credit availability for Venezuelan buyers and facilitate the flow of U.S. agricultural products into the country.
U.S. seeks to expand commercial presence
As part of its trade promotion efforts, the FAS will work with U.S. agricultural partner organizations to direct resources from the Market Access Program (MAP) and the Foreign Market Development Program (FMD) toward market research, trade seminars and promotional activities targeting consumers in Venezuela.
The agency is also considering Venezuela as a destination for an upcoming regional agribusiness trade mission, which would directly connect U.S. exporters with buyers across the region.
The USDA also said it will continue providing updated tools and resources to U.S. exporting companies following a virtual session on Venezuela’s trade environment held on August 19.
Training and technical exchange
The strategy also includes technical cooperation programs involving Venezuelan professionals and specialists.
The Borlaug Fellowship Program will host Venezuelan scientists and researchers in the United States to promote knowledge exchange and agricultural innovation.
In addition, the Cochran Fellowship Program will provide short-term technical training to Venezuelan agricultural professionals to strengthen local regulatory frameworks and create new opportunities for U.S. exports.
USDA evaluates food assistance
The FAS will also conduct an on-the-ground assessment of vulnerability conditions in Venezuela to determine whether it can provide food assistance and agricultural development programs to communities facing food insecurity.
Programs under consideration include the McGovern-Dole International Food for Education and Child Nutrition Program, Food for Progress, and Food for Peace.
