[Congressional Record (Bound Edition), Volume 158 (2012), Part 3]
[Senate]
[Pages 4071-4072]
[From the U.S. Government Publishing Office, www.gpo.gov]




   NOTIFICATION OF THE PRESIDENT'S INTENT TO SUSPEND DESIGNATION OF 
  ARGENTINA AS A BENEFICIARY DEVELOPING COUNTRY UNDER THE GENERALIZED 
               SYSTEM OF PREFERENCES (GSP) PROGRAM--PM 45

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States which was referred to the 
Committee on Finance:
To the Congress of the United States:
  In accordance with section 502(f)(2) of the Trade Act of 1974, as 
amended (the ``1974 Act'') (19 U.S.C. 2462(f)(2)), I am providing 
notification of my intent to suspend designation of Argentina as a 
beneficiary developing country under the Generalized System of 
Preferences (GSP) program. Section 502(b)(2)(E) of the 1974 Act (19 
U.S.C. 2462(b)(2)(E)) provides that the President shall not designate 
any country a beneficiary developing country under the GSP if such 
country fails to act in good faith in enforcing arbitral awards in 
favor of U.S.-owned companies. Section 502(d)(2) of

[[Page 4072]]

the 1974 Act (19 U.S.C. 2462(d)(2)) provides that, after complying with 
the requirements of section 502(f)(2) of the 1974 Act (19 U.S.C. 
2462(f)(2)), the President shall withdraw or suspend the designation of 
any country as a beneficiary developing country if, after such 
designation, the President determines that as the result of changed 
circumstances such country would be barred from designation as a 
beneficiary developing country under section 502(b)(2) of the 1974 Act.
  Pursuant to section 502(d) of the 1974 Act, having considered the 
factors set forth in section 502(b)(2)(E), I have determined that it is 
appropriate to suspend Argentina's designation as a beneficiary country 
under the GSP program because it has not acted in good faith in 
enforcing arbitral awards in favor of U.S.-owned companies.
                                                        Barack Obama.  
The White House, March 26, 2012.

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