PL 480
PL 480: Public Law 480. The United States Agricultural Trade and Development Assistance Act of 1954 which established the Food for Peace program. It consists of three parts, usually known as titles. Title I permits government to government sales of agricultural commodities to developing countries under long-term credits. Title II enables the United States to donate agricultural commodities as humanitarian food aid to foreign governments. Title III permits government to government grants to support long-term economic development in least developed countries. The main exports under this Act have been wheat, feedgrains, rice, cotton oilseeds and dairy products. The Farm Security and Rural Investment Act of 2002 extended this program until 2007. See also Commodity Credit Corporation and Food for Progress.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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