Miscellaneous International Trade Notices
The Washington Trade Daily (WTD) has reported that the Senate began debate on March 3, 2004 to repeal the current Foreign Sales Corporation/Extraterritorial Income Tax Exclusion (FSC/ETI) regime. According to Senate Finance Committee Chairman, Sen. Grassley, the FSC/ETI could be replaced with the Jumpstart Our Business Strength Act (JOBS Act) which would use all of the money from the repeal to provide a 3 point tax rate cut on income from U.S.-based manufacturing. (WTD Pub 03/04/04, www.washingtontradedaily.com, Sen. Grassley's press release dated 03/02/04, available at http://finance.senate.gov/press/Gpress/2004/prg030204.pdf)
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
1. Senate Begins Debate on Repeal & Replacement of the FSC/ETI Regime
2. House Ways and Means Announces Hearing on President's Trade Agenda
The House Ways and Means Committee has announced that it will be holding a hearing on President Bush's trade agenda on March 11, 2004. According to the committee, this hearing is expected to examine current trade issues such as (1) the recently concluded free trade agreements (FTAs) with Australia, the Central American countries, and Morocco; (2) other FTAs currently being negotiated or which have been notified by the President; (3) prospect for trade expansion in agriculture, industrial goods, and services through multilateral negotiations in the World Trade Organization (WTO); (4) compliance with WTO dispute settlement decisions; (5) potential extension and enhancement of the African Growth and Opportunity Act (AGOA); and (6) other trade issues.
Although U.S. Trade Representative (USTR) Robert Zoellick will be the only witness at this hearing, written comments for the record may be submitted by any person or organization by March 25, 2004. (House Ways and Means Committee press release FC-16, dated 03/03/04, available by emailing staff@brokerpower.com.)
3. GAO Issues Testimony on Security Challenges at Chemical Facilities
The General Accounting Office (GAO) has issued Congressional testimony by its Director of Natural Resources and Environment entitled, Homeland Security: Federal Action Needed to Address Security Challenges at Chemical Facilities. This testimony, dated February 23, 2004, is available at http://www.gao.gov/cgi-bin/getrpt?GAO-04-482T.
4. Complaint Filed With FMC Regarding Certain Shipments from Shanghai to Los Angeles
The Federal Maritime Commission (FMC) has issued a notice stating that a complaint has been filed with it by World-Wide Express, Inc. against Stevedoring Services of America, Terminals Inc., Argosy Transport, Inc., and Capt. S.L. Huo. The complainant contends that the respondents violated section 10 of the Shipping Act of 1984, as amended, in their role as marine terminal operators in connection with several shipments of containers from Shanghai to Los Angeles. (FMC D/N 04-04, FR Pub 02/27/04, available at http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/2004/pdf/04-4384.pdf)
5. NIST Requests Comments on Voluntary American Softwood Lumber Standard
The National Institute of Standards and Technology (NIST) is requesting comments by May 17, 2004 on Voluntary Product Standard (PS) 20-99, American Softwood Lumber Standard. According to NIST, this PS serves the procurement and regulatory needs of numerous Federal, State, and local government agencies. (D/N 04129029-4029-01, FR Pub 03/01/04, available at http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/2004/pdf/04-4443.pdf)
6. Various Agencies Seek Comments on Information Collections Submitted to OMB
The following agencies have submitted to the Office of Management and Budget (OMB), for review and approval/clearance the following information collections:
| Agency | Information Collection | Comments Due |
| BIS | Short Supply Regulations, Petroleum (Crude Oil) | within 30 days of 02/17/041 |
| CBP | Application for USAccess (Form I-293) | 03/15/042 |
1 FR Pub 02/17/04, available at http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/2004/pdf/04-3293.pdf.
2 FR Pub 02/12/04, available at http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/2004/pdf/04-3038.pdf