Page:United States Statutes at Large Volume 93.djvu/347

 PUBLIC LAW 96-39—JULY 26, 1979

93 STAT. 315

branch and potential programmatic and regulatory disincentives to exports, and shall submit to the Congress a report of that review not later than July 15, 1980. The report should make particular reference to those activities which enhance the role of small and medium-sized businesses in export trade. (b) CONDITIONS OF COMPETITION STUDY.—Not later than July 15, Report to 1980, the President shall submit to the Congress a study of the factors Congress. bearing on the competitive posture of United States producers and the policies and programs required to strengthen the relative competitive position of the United States in world markets. SEC. 1111. GENERALIZED SYSTEM OF PREFERENCES.

(a) IN GENERAL.—Title V of the Trade Act of 1974 (19 U.S.C. 2461 et seq.) is amended as follows: (1) Section 502(a)(3) is amended by inserting "or which is contributing to comprehensive regional economic integration among its members through appropriate means, including, but not limited to, the reduction of duties," immediately before "the President". (2) Section 502(e) is amended by— (A) inserting "(1)" immediately after "(e)"; and (B) adding at the end thereof the following new paragraph: "(2) The President may exempt from the application of paragraph (2) of subsection (b) any country that enters into a bilateral productspecific trade agreement with the United States under section 101 or 102 of the Trade Act of 1974 before January 3, 1980. The President shall terminate the exemption granted to any country under the preceding sentence if that country interrupts or terminates the delivery of supplies of petroleum and petroleum products to the United States.'l (3) Section 503(b) is amended— (A) by amending paragraph (2) to read as follows: "(2) If the sum of (A) the cost or value of the materials produced in the beneficiary developing country or any 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 (B) the direct costs of processing operations performed in such beneficiary developing country or such member countries 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."; and (B) by striking out the penultimate sentence. (4) Section 504 is amended— (A) by adding at the end of subsection (c) the following new paragraph: "(3) For purposes of this subsection, the term 'country' does not 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."; and (B) by inserting at the end of subsection (d) the following new sentence: "The President may disregard subsection (c)(1)(B) with respect to any eligible article if the appraised value of the total imports of such article into the United States during the preceding calendar year is not in excess of an amount which bears the same ratio to $1,000,000 as the gross national product of the United States for that calendar year, as determined by the Department of Commerce, bears to the gross national product of the United States for calendar year 1979.".

19 USC 2462

19 USC 2111, 2112.

19 USC 2463.

19 USC 2464. "eountry."

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