Renewal of Fast-Track Authority and the Generalized System of Preferences Program
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Excerpt from Renewal of Fast-Track Authority and the Generalized System of Preferences Program: Hearing Before the Committee on Finance, United States Senate, One Hundred Third Congress, First Session; May 20, 1993 The hearing was convene, pursuant to notice, at 9:33 a.m., in room SD-215, Dirksen Senate Office Building, Hon. Daniel Patrick Moynihan (chairman of the committee) presiding. Also present: Senators Baucus, Bradley, Riegle, Rockefeller, Daschle, Conrad, Packwood, Roth, Danforth, Chafee, Grassley, and Wallop. [The press release announcing the hearing follows:] [Press Release No. H-21, May 7, 1993] Finance Committee Schedules Hearing On President´s Requests To Extend Fast-Track Authority and GSP Program Washington, DC - Senator Daniel Patrick Moynihan (D-NY), Chairman of the Senate Committee on Finance, announced today that the Committee will hold a hearing on President Clinton´s proposals to apply expiring "fast track" Congressional procedures to a bill implementing the results of the Uruguay Round of Multilateral Trade Negotiations and to extend the Generalized System of Preferences (GSP) program. The hearing will begin at 10:00 a.m. on Thursday, May 20, 1993 in room SD-215, Dirksen Senate Office Building. "President Clinton has asked for an extension of ´fast-track´ procedures, with the aim of concluding the Uruguay Round of Multilateral Trade Negotiations by mid-December," Senator Moynihan said. "The Committee will be interested in hearing from the administration and from the business community on the status of the Round and what the prospects are for a successful conclusion." "The Committee will also want to take a look at what the GSP program has accomplished as we review the President´s request for a 15-month extension," Senator Moynihan added. Section 1102 of the Omnibus Trade and Competitiveness Act of 1988 authorizes the President to enter into trade agreements that would be subject to the expedited legislative procedures (known as the "fast track") set forth in section 151 of the Trade Act of 1974. To make use of the authority, the President is required to give Congress at least 90 days advance notice of his intention to enter into such agreements. The fast-track authority itself expires on May 31, 1993, and the period for advance Congressional notification expired on March 2, 1993. The President has proposed to extend fast-track procedures to the results of the Uruguay Round provided that Congress is notified by December 15, 1993 of his intent to enter into the Uruguay Round agreement before April 15, 1994. Title V of the Trade Act of 1974, as amended, establishes the GSP program, which provides preferential tariff treatment to imports of selected products from eligible developing countries. The program expires on July 4, 1993. The President has proposed to extend the program through September 30, 1994. The President has also proposed to amend the program to make the newly independent states of the former Soviet Union eligible to be designated beneficiary countries. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve
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