Excerpt from Proposals to Renew Generalized System of Preferences: Hearing Before the Subcommittee on International Trade of the Committee on Finance United States Senate One Hundred Third Congress Second Session June 20, 1994The hearing wasMoreExcerpt from Proposals to Renew Generalized System of Preferences: Hearing Before the Subcommittee on International Trade of the Committee on Finance United States Senate One Hundred Third Congress Second Session June 20, 1994The hearing was convened, pursuant to notice, at 1:30 p.m., in room SD-215, Dirksen Senate Office Building, Hon. Max Baucus (Chairman of the subcommittee)presiding.Also present: Senator Conrad.[The press release announcing the hearing follows: ][Press release No.
H-39, June 14, 1994]International Trade Subcommittee to Hold Hearing on Proposals to Renew Generalized System of PreferencesWASHINGTON, DC. - Senator Max Baucus (D - MT), Chairman of the Senate Finance Committees Subcommittee on International Trade, announced today that the Subcommittee will hold a hearing on the Administrations proposal to renew the Generalized System of Preferences (GSP) program, which expires September 30, 1994.The hearing is scheduled for Monday, June 20, 1994, at 2:00 p.m.
in room SD - 215 of the Dirksen Senate Office Building.Senator Baucus said, The GSP program is an important part of our U.S. trade laws. Not only does the program assist developing countries with their long-term development plans through export expansion, it also promotes greater market access and intellectual property protection for the United States abroad.I strongly support renewal of the GSP program, Baucus said.Title V of the Trade Act of 1974, as amended, establishes the GSP program, which provides duty-free entry to imports of selected products from eligible developing countries.
Originally authorized in 1974 for 10 years, the Trade and Tariff Act of 1984 modified the program and authorized its extension through July 4, 1993. In 1993, President Clinton requested a 15-month extension of the program, through September 30, 1994. Congress granted the extension in the Omnibus Budget Reconciliation Act of 1993 (Public Law 103-66).
The Administration stated at the time that it would work with the Congress during the 15-month extension to develop a proposal for a longer-term extension. The Administration announced its proposal on May 16, 1994.Opening Statement of Hon. Max Baucus, a U.S. Senator from Montana, Chairman of the SubcommitteeSenator Baucus. This hearing will come to order. Today this sub-committee will review the prospects for amending and renewing the generalized system of preferences, otherwise known as GSP.GSP gives developing countries in Africa, Latin America, South-east Asia and the Middle East duty-free access to our market and a range of products which are not sensitive to imports.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books.
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