Page:United States Statutes at Large Volume 88 Part 2.djvu/753

 88

STAT.]

PUBLIC LAW 93-618-JAN. 3, 1975

ment no less favoiable than the treatment afforded such articles imported from a beneficiary developing comitry under title V of such Act." (e) The President may exempt from the application of paragraph (2) of subsection (b) any country during the period during which such country (A) is a party to a bilateral or multilateral trade agreement to which the United States is also a party if such agreement fulfills the negotiating objectives set forth in section 108 of assuring the United States fair and equitable access at reasonable prices to supplies of articles of commerce important to the economic requirements of the United States and (B) is not in violation of such agreement by action denying the United States such fair and equitable access. SEC. 503. ELIGIBLE ARTICLES.

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emptions. u s e 2462.

19 USC 2 4 6 3.

(a) The President shall, from time to time, publish and furnish the International Trade Commission with lists of articles which may be considered for designation as eligible articles for purposes of this title. Before any such list is furnished to the Commission, there shall be in effect an Executive order under section 502 designating beneficiary developing countries. The provisions of sections 131, 132, 133, Ante, and 134 of this Act shall be complied with as though action under 1995. pp. 1994, section 501 were action under section 101 of this Act to carry out a Ante, p. 1982. trade agreement entered into under section 101. After receiving the advice of the Commission with respect to the listed articles, the President shall designate those articles he considers appropriate to be eligible articles for purposes of this title by Executive order. (b) The duty-free treatment provided under section 501 with respect to any eligible article shall apply only— (1) to an article which is imported directly from a beneficiary developing country into the customs territory of the United States; and (2)(A) if the sum of (i) the cost or value of the materials produced in the beneficiary developing country plus (ii) the direct costs of processing operations performed in such beneficiary developing country is not less than 35 percent of the appraised value of such article at the time of its entry into the customs territory of the United States; or (B) if the sum of (i) the cost or value of the materials produced in 2 or more countries which are members of the same association of countries which is treated as one country under section 502(a)(3), plus (ii) the direct costs of processing operations performed in such countries is not less than 50 percent of the appraised value of such article at the time of its entry into the customs territory of the United States. For purposes of paragraph (2)(A), the term "country" does not " e o u n t r y. " include an association of countries which is treated as one country under section 502(a)(3) but does include a country which is a member of any such association. The Secretary of the Treasury shall prescribe R e g u l a t i o n s. such regulations as may be necessary to carry out this subsection. (c)(1) The President may not designate any article as an eligible a rImport-sensitive ticles. article under subsection (a) if such article is within one of the following categories of import-sensitive articles— (A) textile and apparel articles which are subject to textile agreements, (B) watches, (C) import-sensitive electronic articles, (D) import-sensitive steel articles.

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