A bipartisan group of senators has introduced legislation that would boost funding for two of USDA's key export promotion program. The bill, Cultivating Revitalization by Expanding American Agricultural Trade and Exports (CREAATE) Act, would bolster the Market Access Program (MAP) and the Foreign Market Development Program (FMDP) by doubling their funding over five years.
U.S. Senators Joni Ernst (R-Iowa), Angus King (I-Maine), Joe Donnelly (D-Ind.) and Susan Collins (R-Maine) introduced the measure. According to the senators, the program generated a net return of $28.30 for every dollar invested between 1977 and 2014.
"The Market Access Program and Foreign Market Development Program have proven to be effective in expanding foreign markets for American agricultural goods," said Ernst.
The American Soybean Association welcomed the legislation which would increase funding for the federal cost-share programs.
"We work together with the U.S. Soybean Export Council to leverage MAP and FMD funds to establish and expand markets for American soy in all corners of the globe, and the CREAATE Act will go a long way to ensuring that good work can and will continue," said ASA Vice President John Heisdorffer.