Page:United States Statutes at Large Volume 102 Part 2.djvu/125

 PUBLIC LAW 100-418—AUG. 23, 1988

102 STAT. 1129

why and to what extent the agreement does not achieve other applicable purposes, policies, and objectives, (II) how the agreement serves the interests of United States commerce, and (in) why the implementing bill and proposed administrative action is required or appropriate to carry out the agreement; (iii) describing the efforts made by the President to obtain international exchange rate equilibrium and any effect the agreement may have r^arding increased international monetary stabliity; and (iv) describing the extent, if any, to which— (I) each foreign country that is a party to the agreement maintains non-commercial state trading enterprises that may adversely affect, nullify, or impair the benefits to the United States under the agreement, and (Q) the agreement applies to or affects purchases and sales by such enterprises. (3) To ensure that a foreign country which receives benefits President of U.S. under a trade agreement entered into under section 1102(b) or (c) is subject to the obligations imposed by such agreement, the President shall reconmoiend to Congress in the implementing bill and statement of administrative action submitted with respect to such agreement that the benefits and obligations of such agreement apply solely to the parties to such agreement, if such application is consistent with the terms of such agreement. The President may also reconmiend with respect to any such agreement that the benefits and obligations of such agreement not apply uniformly to all parties to such agreement, if such application is consistent with the terms of such agreement. (b) APPLICATION OF CONGRESSIONAL "FAST TRACK" PROCEDURES TO IMPLEMENTING BILLS.—

(1) Except as provided in subsection (c)— (A) the provisions of section 151 of the Trade Act of 1974 (19 U.S.C. 2191) (hereinafter in this section referred to as "fast track procedures") apply to implementing bills submitted with respect to trade agreements entered into under section 1102(b) or (c) before June 1, 1991; and (B) such fast track procedures shall be extended to implementing bills submitted with respect to trade agreements entered into under section 1102(b) or (c) after May 31, 1991, and before June 1, 1993, if (and only if)— (i) the President requests such extension under paragraph (2); and (ii) neither House of the Congress adopts an extension disapproval resolution under paragraph (5) before June 1, 1991. (2) If the President is of the opinion that the fast track President of U.S. procedures should be extended to implementing bills described Reports. in paragraph (1)(B), the President must submit to the Congress, no later than March 1, 1991, a written report that contains a request for such extension, together with— (A) a description of all trade agreements that have been negotiated under section 1102(b) or (c) and the anticipated

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