[Congressional Record Volume 145, Number 42 (Wednesday, March 17, 1999)]
[Extensions of Remarks]
[Page E463]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  GOOD FRIDAY TRADE AND INVESTMENT ACT

                                 ______
                                 

                           HON. JIM McDERMOTT

                             of washington

                    in the house of representatives

                       Wednesday, March 17, 1999

  Mr. McDERMOTT. Mr. Speaker, we're here today because we share a 
common goal. We all want the peace process in Northern Ireland and the 
Irish Republic to work.
  As hard as it is to get folks to sign a peace agreement. It's even 
harder to make sure that it gets fully implemented.
  We feel strongly that the best chance we have to ensure the Good 
Friday Peace Agreement is fully implemented is by creating jobs and 
economic growth.
  The legislation we are introducing today is the first comprehensive 
effort by the United States to create real jobs and real investment in 
Northern Ireland and the border counties of the Irish Republic.
  Our legislation uses existing trade and investment tools to stimulate 
tangible economic assistance to the people of Northern Ireland and the 
border counties. Faced with continued resistance to the Irish free 
trade efforts of the past, we concluded that a fresh attempt to fashion 
legislation that could address European reticence while quickly 
delivering meaningful trade and investment assistance to Northern 
Ireland and the border counties was in order.
  The legislation provides for the creation of a $300 million Overseas 
Private Investment Corporation (OPIC) equity fund. Such a fund 
generates private sector focus and interest in Northern Ireland and the 
Border area and makes sure that women entrepreneurs have meaningful 
access to that funding. We believe that the multiplier effect from such 
a fund could generate a total $1.2 billion in new private investment.
  Our legislation also relies on the Generalized System of Preferences 
(GSP) to assist Northern Ireland's exporters to grow their economy and 
job base. For those of you who don't know, the United States 
Generalized System of Preferences (GSP) provides preferential duty-free 
entry for approximately 4,500 products from 149 designated beneficiary 
countries and territories.
  GSP lowers the tariff rate for goods being imported into the United 
States. GSP already is in place for portions of the European Union. 
Because beneficiary designees are not required to change import 
policies. GSP designation for Northern Ireland and the border counties 
of the Irish Republic would not require them to seek an amendment from 
the EU or the Treaty of Rome.
  Finally, the legislation relies on the International Fund for Ireland 
to increase funding for projects that will create rapid job growth in 
the private sector. The bill recommends six projects for funding and 
support that will provide both immediate and mid-term job generating 
growth.
  We feel strongly that now is the time for the U.S. to send a clear, 
serious and solid signal of support to the parties in Northern Ireland 
that are struggling to implement the peace agreement.
  Stimulating real job creation through improving access to our 
marketplace and encouraging private investment would send a strong 
signal to everyone that the price of peace could very well be 
prosperity.

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