Page:United States Statutes at Large Volume 97.djvu/1307

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1275 borrowing to both Houses of the Congress at least 60 days prior to the date on which such borrowing is scheduled to occur.". TRADE PROVISIONS SEC. 812. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: TRADE PROVISIONS "SEC. 49. (a)(l) The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to initiate a wide consultation with the Managing Director of the Fund and the other directors of the Fund with r^ard to the development of Fund financial assistance policies which, to the maximum feasible extent— "(A) reduce obstacles to and restrictions upon international trade and investment in goods and services; "(B) eliminate unfair trade and investment practices; and "(CD promote mutually advantageous economic relations. "(2) The Secretary of the Treasury shall work closely in this effort with the Trade Policy Committee. "(3) As part of this effort, the Secretary of the Treasury shall also instruct the United States Executive Director of the Fund to encour- age close cooperation between Fund staff and the GATT Secretariat. "(b)(1) The Secretary of the Treasury shall instruct the United States Executive Director of the Fund, prior to the extension to any country of financial assistance by the Fund, to work to have the Fund obtain the agreement of such country to eliminate, in a maimer consistent with its balance of payments adjustment pro- gram, unfair trade and investment practices with respect to goods and services which the United States Trade Representative, after consultation with the Trade Policy Committee, has determined to have a significant deleterious effect on the international trading i^ystem. "(2) Such practices include— "(A) the provision of predatory export subsidies, employed in connection with the exporting of agricultural commodities and products thereof to foreign countries; "(B) the provision of other export subsidies, such as govern- ment subsidized below-market interest rate financing for com- modities or manufactured goods; "(C) unreasonable import restrictions; "(D) the imposition of trade-relat^ performance require- ments on foreign investment; and "(E) practices which are inconsistent with international agreements. "(c)(1) In determining the United States position on requests for periodic drawing under Fund programs, the Secretary of the Treas- ury shall take full account of the progress countries have made in achieving targets for eliminating or phasing out the practices referred to in subsection (b) of this section. "(2) In the event that the United States supports a request for drawing by a country that has not achieved the Fund targets relating to such practices specified in its program, the Secretary of the Treasury shall report to the appropriate committees of the Congress the reasons for the United States position.". Fund, financial assistance policies. 22 USC 286gg: Agreements with Fund-assisted countries. Unfair trade and investment practices. Requests for periodic drawing. Report to congressional committees.

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