§ 286gg. — Elimination of trade restrictions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC286gg]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION
AND DEVELOPMENT
Sec. 286gg. Elimination of trade restrictions
(a) Promotion of fair trade as financial assistance policy
(1) The Secretary of the Treasury shall instruct the United States
Executive Director of each of the multilateral development banks (in
this section referred to as the ``banks'') and of the Fund to initiate a
wide consultation with the Managing Director of each of the banks and of
the Fund and the other directors of the banks and of the Fund with
regard to the development of 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
(C) 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 each of the banks and
of the Fund to encourage close cooperation between their staff and the
Secretariat of the World Trade Organization (as the term ``World Trade
Organization'' is defined in section 3501(8) of title 19).
(b) Agreement to eliminate unfair trade practices as condition of
financial assistance
(1) The Secretary of the Treasury shall instruct the United States
Executive Director of each of the banks and of the Fund, prior to the
extension to any country of financial assistance by the banks and by the
Fund, to work to have the banks and the Fund obtain the agreement of
such country to eliminate, in a manner consistent with its balance of
payments adjustment program, 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 system.
(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 government
subsidized below-market interest rate financing for commodities or
manufactured goods;
(C) unreasonable import restrictions;
(D) the imposition of trade-related performance requirements on
foreign investment; and
(E) practices which are inconsistent with international
agreements.
(c) United States position on requests for loans or drawing under bank
and Fund programs; progress made in eliminating unfair trade
practices
(1) In determining the United States position on requests for loans
or periodic drawing under bank and Fund programs, the Secretary of the
Treasury 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 loans
or drawing by a country that has not achieved the bank and 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.
(d) ``Multilateral development banks'' defined
For purposes of this section, the term ``multilateral development
banks'' means the International Bank for Reconstruction and Development,
the Inter-American Development Bank, the African Development Bank, and
the Asian Development Bank.
(July 31, 1945, ch. 339, Sec. 49, as added Pub. L. 98-181, title VIII,
Sec. 812, Nov. 30, 1983, 97 Stat. 1275; amended Pub. L. 99-500,
Sec. 101(f) [title V, Sec. 555], Oct. 18, 1986, 100 Stat. 1783-213,
1783-240, and Pub. L. 99-591, Sec. 101(f) [title V, Sec. 555], Oct. 30,
1986, 100 Stat. 3341-214, 3341-240; Pub. L. 106-36, title I,
Sec. 1002(c), June 25, 1999, 113 Stat. 133.)
Codification
Pub. L. 99-591 is a corrected version of Pub. L. 99-500.
Amendments
1999--Subsec. (a)(3). Pub. L. 106-36 substituted ``Secretariat of
the World Trade Organization (as the term `World Trade Organization' is
defined in section 3501(8) of title 19)'' for ``GATT Secretariat''.
1986--Subsec. (a)(1). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f)
[title V, Sec. 555(b)], inserted ``each of the multilateral development
banks (in this section referred to as the `banks') and of'', ``each of
the banks and of'', and ``banks and of the'', and substituted
``development of financial'' for ``development of Fund financial''.
Subsec. (a)(3). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f)
[title V, Sec. 555(c)], inserted ``each of the banks and of'' and
substituted ``their staff'' for ``Fund staff''.
Subsec. (b)(1). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f)
[title V, Sec. 555(d)], inserted ``each of the banks and of'', ``the
banks and by'', and ``the banks and''.
Subsec. (c). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f) [title
V, Sec. 555(e), (f)], inserted ``bank and'' and ``loans or'' in pars.
(1) and (2).
Subsec. (d). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f) [title
V, Sec. 555(a)], added subsec. (d).
