[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3353 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3353

 To direct the United States representatives at certain international 
financial institutions to insist that the institutions uphold the trade 
   liberalization commitments made by the Asian countries receiving 
                   assistance from such institutions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 5, 1998

    Mr. Berry (for himself, Mr. Snyder, Mr. John, and Mrs. Emerson) 
 introduced the following bill; which was referred to the Committee on 
                     Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
 To direct the United States representatives at certain international 
financial institutions to insist that the institutions uphold the trade 
   liberalization commitments made by the Asian countries receiving 
                   assistance from such institutions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Asian Trade Reform Implementation 
Act of 1998''.

SEC. 2. TRADE LIBERALIZATION BY ASIAN COUNTRIES RECEIVING ASSISTANCE 
              FROM INTERNATIONAL FINANCIAL INSTITUTIONS.

    (a) Findings and Statement of Purpose.--
            (1) Findings.--The Congress finds that--
                    (A) free and fair trade contributes to the economic 
                well-being and growth of the global economy;
                    (B) domestic economic stability and prosperity is 
                crucial to the development of democracy and civil 
                liberties in individual countries and throughout the 
                world;
                    (C) insulated domestic markets contribute to 
                weakened domestic industries and inhibit the ability of 
                developing markets to sustain long term economic well-
                being;
                    (D) trade barriers have been routinely employed by 
                the Asian nations seeking assistance from the 
                International Monetary Fund, the International Bank for 
                Reconstruction and Development, and the Asian 
                Development Bank;
                    (E) although an emphasis on export-driven growth 
                has led to remarkable and rapid growth in such Asian 
                nations, government interference with domestic 
                production and access to foreign goods has led, in 
                part, to the untenable situation faced by such nations;
                    (F) the international community and the 
                International Monetary Fund, the International Bank for 
                Reconstruction and Development, and the Asian 
                Development Bank are eager to assist such Asian 
                nations, but must require recipients of assistance from 
                such institutions to implement economic reforms to 
                correct systemic weaknesses; and
                    (G) the United States, as the world leader in trade 
                and democracy, must lead in assisting such troubled 
                nations and insisting that the necessary systemic 
                reforms are carried out.
            (2) Statement of purpose.--The purpose of this section is 
        to recognize and act on the need to open to foreign competition 
        the typically insulated markets of the Asian nations seeking 
        assistance from International Monetary Fund, the International 
        Bank for Reconstruction and Development, and the Asian 
        Development Bank.
    (b) United States Position at the International Bank for 
Reconstruction and Development, and the Asian Development Bank.--Title 
XVI of the International Financial Institutions Act (22 U.S.C. 262p-
262p-5) is amended--
            (1) by redesignating section 1622 as section 1624;
            (2) by redesignating section 1621 (as added by section 327 
        of the Antiterrorism and Effective Death Penalty Act of 1996; 
        22 U.S.C. 262p-4q) as section 1622, and by relocating such 
        section so that it appears after section 1621 (as added by 
        section 526(e) of Foreign Operations, Export Financing, and 
        Related Programs Supplemental Appropriations Act, 1994; 22 
        U.S.C. 262p-4p); and
            (3) by inserting after section 1622 (as so redesignated by 
        paragraph (2) of this subsection) the following:

``SEC. 1623. TRADE LIBERALIZATION BY ASIAN COUNTRIES RECEIVING 
              ASSISTANCE FROM THE INTERNATIONAL MONETARY FUND, THE 
              INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT, 
              AND THE ASIAN DEVELOPMENT BANK.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Directors at the International Monetary Fund, at the 
International Bank for Reconstruction and Development, and at the Asian 
Development Bank to use their voices and votes at such institutions to 
insist that the respective institution insist that Asian countries 
receiving assistance from the institution--
            ``(1) continue to measurably reduce tariff and non-tariff 
        trade barriers to international goods;
            ``(2) end trade-related subsidies;
            ``(3) improve the transparency of import requirements;
            ``(4) make a commitment to practice fair international 
        trade; and
            ``(5) continue to liberalize domestic markets.''.
                                 <all>