EXPORT PROMOTION PROGRAMS AMENDMENTS

SEC. 709. EXPORT PROMOTION PROGRAMS AMENDMENTS (a) Processed and High-Value Agricultural Product Export Credit Guarantee Program.— Section 202 of the Agricultural Trade Act of 1978 (7 U.S.C. 5622) is amended— (1) in subsections (a) and (b), by inserting “, including processed agricultural products and high-value agricultural products,” after “agricultural commodities” both places it appears; and (2) by adding at the end the following new subsection: “(k) Set-Asides.— “(1) In general.— In issuing export credit guarantees under this section in connection with sales to the independent states of the former Soviet Union, the Commodity Credit Corporation shall, to the extent practicable and subject to paragraph (2), ensure that no less than 35 percent of the total amount of credit guarantees issued for a fiscal year are issued106 STAT. 3352 to promote the export of processed and high-value agricultural products and that the balance are issued to promote the export of bulk or raw agricultural commodities. “(2) Limitation.— The 35 percent requirement of paragraph (1) shall apply for a fiscal year only to the extent that the percentage of the total amount of credit guarantees issued for that fiscal year under this section to promote the export to all countries of processed and high-value agricultural products is less than 25 percent.”. (b) Processed and High-Value Agricultural Product Export Enhancement Program.— Section 301 of the Agricultural Trade Act of 1978 (7 U.S.C. 5651) is amended— (1) in subsection (a), by inserting “, including processed agricultural products and high-value agricultural products,” after “agricultural commodities”; and (2) in subsection (e)— (A) by striking “The Commodity” and inserting the following: “(1) In general.— The Commodity”; and (B) by adding at the end the following new paragraph: “(2) Set-asides.— (A) For each fiscal year, the Corporation shall, to the extent practicable and subject to subparagraph (B), ensure that no less than 25 percent of the total of— “(i) the funds expended, and “(ii) the value of any commodities made available. under this section in connection with sales of agricultural commodities to the independent states of the former Soviet Union is used to promote the export of processed and high-value United States agricultural products and that the balance of the funds expended and commodities made available under this section in connection with such sales is used to promote the export of bulk or raw United States agricultural commodities. “(B) The 25 percent requirement of subparagraph (A) shall apply for a fiscal year only to the extent that the percentage of the total of— “(i) the funds expended, and “(ii) the value of commodities made available, for that fiscal year under this section to promote the export to all countries of processed and high-value United States agricultural products is less than 15 percent”.