EMERGING MARKETS.

SEC. 277. EMERGING MARKETS. (a) Promotion of Agricultural Exports to Emerging Markets.— (1) Emerging markets.— Section 1542 of the Food, Agriculture, Conservation, and Trade Act of 1990 (Public Law 101624; 7 U.S.C. 5622 note) is amended— (A) in the section heading, by striking “EMERGING DEMOCRACIES” and inserting “EMERGING MARKETS”; (B) by striking “emerging democracies” each place it appears in subsections (b), (d), and (e) and inserting “emerging markets”; (C) in subsection (c), by striking “emerging democracy” each place it appears and inserting “emerging market”; and (D) by striking subsection (f) and inserting the following: “(f) Emerging Market.— In this section and section 1543, the term ‘emerging market’ means any country that the Secretary determines— “(1) is taking steps toward a market-oriented economy through the food, agriculture, or rural business sectors of the economy of the country; and “(2) has the potential to provide a viable and significant market for United States agricultural commodities or products of United States agricultural commodities.”. (2) Funding.— Section 1542 of the Food, Agriculture, Conservation, and Trade Act of 1990 is amended by striking subsection (a) and inserting the following: “(a) Funding.— The Commodity Credit Corporation shall make available for fiscal years 1996 through 2002 not less than $1,000,000,000 of direct credits or export credit guarantees for exports to emerging markets under section 201 or 202 of the Agricultural Trade Act of 1978 (7 U.S.C. 5621 and 5622), in addition to the amounts acquired or authorized under section 211 of the Act (7 U.S.C. 5641) for the program.” (3) Agricultural fellowship program.— Section 1542 of the Food, Agriculture, Conservation, and Trade Act of 1990 is amended— (A) in subsection (b), by striking the last sentence and inserting the following: “The Commodity Credit Corporation shall give priority under this subsection to— “(A) projects that encourage the privatization of the agricultural sector or that benefit private farms or cooperatives in emerging markets; and “(B) projects for which nongovernmental persons agree to assume a relatively larger share of the costs.”; and (B) in subsection (d)— (i) in the matter preceding paragraph (1), by striking “the Soviet Union” and inserting “emerging markets”; (ii) in paragraph (1)— 110 STAT. 978 (I) in subparagraph (A)(i)— (aa) by striking “1995” and inserting “2002”; and (bb) by striking “those systems, and identify” and inserting “the systems, including potential reductions in trade barriers, and identify and carry out”; (II) in subparagraph (B), by striking “shall” and inserting “may”; (III) in subparagraph (D), by inserting “(including the establishment of extension services)” after “technical assistance”; (IV) by striking subparagraph (F); and (V) by redesignating subparagraphs (G), (H), and (I) as subparagraphs (F), (G), and (H), respectively; (iii) in paragraph (2)— (I) by striking “the Soviet Union” each place it appears and inserting “emerging markets”; (II) in subparagraph (A), by striking “a free market food production and distribution system” and inserting “free market food production and distribution systems”; (III) in subparagraph (B)— (aa) in clause (i), by striking “Government” and inserting “governments”; (bb) in clause (iii)(II), by striking “and” at the end; (cc) in clause (iii)(III), by striking the period at the end and inserting “; and”; and (dd) by adding at the end of clause (iii) the following: “(IV) to provide for the exchange of administrators and faculty members from agricultural and other institutions to strengthen and revise educational programs in agricultural economics, agribusiness, and agrarian law, to support change towards a free market economy in emerging markets.”; (IV) by striking subparagraph (D); and (V) by redesignating subparagraph (E) as subparagraph (D); and (iv) by striking paragraph (3). (4) United states agricultural commodity.— Subsections (b) and (c) of section 1542 of the Food, Agriculture, Conservation, and Trade Act of 1990 are amended by striking “section 101(6)” each place it appears and inserting “section 102(7)”. (5) Report.— The first sentence of section 1542(e)(2) of the Food, Agriculture, Conservation, and Trade Act of 1990 is amended by striking “Not” and inserting “Subject to section 217 of the Department of Agriculture Reorganization Act of 1994 (7 U.S.C. 6917), not”. (b) Agricultural Fellowship Program for Middle Income Countries, Emerging Democracies, and Emerging Markets.— Section 1543 of the Food, Agriculture, Conservation, and Trade Act of 1990 (7 U.S.C. 3293) is amended— 110 STAT. 979 (1) in the section heading, by striking “MIDDLE INCOME COUNTRIES AND EMERGING DEMOCRACIES” and inserting “MIDDLE INCOME COUNTRIES, EMERGING DEMOCRACIES, AND EMERGING MARKETS”; (2) in subsection (b), by adding at the end the following: “(5) Emerging market.— Any emerging market, as defined in section 1542(f).”; and (3) in subsection (c)(1), by striking “food needs” and inserting “food and fiber needs”. (c) Conforming Amendments.— (1) Section 501 of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.C. 1737) is amended— (A) in subsection (a), by striking “emerging democracies” and inserting “emerging markets”; and (B) in subsection (b), by striking paragraph (1) and inserting the following: “(1) Emerging market.— The term ‘emerging market’ means any country that the Secretary determines— “(A) is taking steps toward a market-oriented economy through the food, agriculture, or rural business sectors of the economy of the country; and “(B) has the potential to provide a viable and significant market for United States agricultural commodities or products of United States agricultural commodities.”. (2) Section 201(d)(1)(C)(ii) of the Agricultural Trade Act of 1978 (7 U.S.C. 5621(d)(1)(C)(ii)) is amended by striking “emerging democracies” and inserting “emerging markets”. (3) Section 202(d)(3)(B) of the Agricultural Trade Act of 1978 (7 U.S.C. 5622(d)(3)(B)) is amended by striking “emerging democracies” and inserting “emerging markets”.