CRANE TRADE BILL
APROVED BY U.S. HOUSE OF REPRESENTATIVES
Legislation Will Expand U.S. Trade Relations with Turkey, Federal Republic of Yugoslavia and Pakistan; Reduce Tariffs on Wide Range of Manufacturing Materials and Specialty Products
WASHINGTON, D.C. - The U.S. House of Representatives
yesterday approved legislation introduced by Trade Subcommittee Chairman Phil
Crane (R-IL) that will strengthen economic and diplomatic ties by expanding
trade with Turkey and the Federal Republic of Yugoslavia, and will also help
U.S. companies to be more competitive by reducing or eliminating selected import
duties. The Miscellaneous Trade and Technical Corrections Act of 2002 (H.R.
5385) was approved by a voice vote. Legislation Will Expand U.S. Trade Relations with Turkey, Federal Republic of Yugoslavia and Pakistan; Reduce Tariffs on Wide Range of Manufacturing Materials and Specialty Products
"This trade package will do many things, but most importantly it strengthens our economic and diplomatic ties with some of our partners in the war against terrorism and levels the playing field for some of our U.S. businesses," Crane said.
Included in Crane's legislation is a provision allowing President Bush to extend normal trade relations treatment to the Federal Republic of Yugoslavia, meaning the president may lower tariffs on products produced in FRY.
"By allowing the president to lower tariffs on goods produced in this region, we are not only helping spur FRY's economic development but we are providing a way to reinforce their progress towards peace and stability," Crane said.
H.R. 5385 also enhances commercial ties between the U.S. and Turkey by expanding a Qualified Industrial Zone (QIZ) that was implemented through the U.S.-Israel Free Trade Agreement of 1985. Under the QIZ, certain products manufactured by Turkey and Israel together could be eligible for duty-free status with the U.S., with the goal of furthering the relationship with key U.S. allies in the war against terrorism.
"The benefits of creating economic development and promoting stability through a QIZ program are clear. Since 1999, Jordan has created 11 QIZs that have helped their annual exports increase from $31 million to $250 million," Crane said. "By extending this opportunity to Turkey we will be not only helping spur the country's economic development but will be lending a hand to one of our most important allied countries in the region."
H.R. 5385 also reduces or eliminates approximately 300 selected import duties on products ranging from specialty goods like children's toys and farm machinery parts to chemicals and materials made overseas but also used in manufacturing American-made goods. By suspending these duties, U.S. businesses will not be forced to pay duties on the input materials used to make their goods that will eventually compete with foreign-made ones that entered the country on a duty-free status. Most of the temporary tariff reductions and suspensions will be in place until 2005 at a cost less than $500,000.
Crane's bill also extends duty-free treatment to products such as certain handmade rugs made in Pakistan, Nepal, Egypt and Morocco.
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(Below is a fact sheet on H.R. 5385-Miscellaneous Trade and Technical Corrections Act of 2002.)
H.R. 5385 - Miscellaneous Trade and Technical Corrections Act of 2002
H.R. 5385 contains provisions involving the suspension
of duties on narrowly defined products, miscellaneous trade-related items, and
technical corrections to the Trade and Development Act of 2002. The bill has
over 300 provisions drawn largely from Member introduced legislation,
including:(Below is a fact sheet on H.R. 5385-Miscellaneous Trade and Technical Corrections Act of 2002.)
H.R. 5385 - Miscellaneous Trade and Technical Corrections Act of 2002
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