USTR Outlines Administration's 2006 Trade Policy at House and Senate Hearings
On February 15, 2006 and February 16, 2006, U.S. Trade Representative (USTR) Rob Portman testified before the House Ways and Means Committee and the Senate Finance Committee regarding the Bush Administration's 2006 trade agenda.
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During his testimony, the USTR outlined the Administration's recent milestones, recent World Trade Organization (WTO) dispute resolution highlights, and 2006 trade agenda.
Highlights of the USTR's hearing presentation include:
World Trade Organization (WTO) Accessions
The USTR states that 30 applicants are seeking membership in the World Trade Organization (WTO). The USTR notes that all membership packages require (a) bilateral agreements on market access, agriculture, manufactured goods and services, and (b) multilateral negotiations in WTO Working Party on WTO rules.
Vietnam, Ukraine, Russia, Kazakhstan. According to the USTR, major progress and possible completion in 2006 is expected for a number of major WTO accessions - Vietnam, Ukraine, Russia, and Kazakhstan - as the U.S. is nearing completion of bilateral agreements with these four applicants. The USTR notes the Bush Administration continues to actively consult Congress - as all four still need a permanent normal trade relations (PNTR) vote in Congress to be removed from Jackson-Vanik.
Requested Extension of Generalized System of Preferences
The standard GSP program (i.e., A, A*, and A) is scheduled to expire for non-African Growth and Opportunity Act (AGOA) beneficiary countries on December 31, 2006.
According to the USTR, President Bush has requested a five-year reauthorization of the GSP program in his fiscal year (FY) 2007 budget.
(See ITT's Online Archives or 02/10/06 news, 06021010, for recent BP summary on the expiration of the standard GSP program for non-AGOA countries.)
Free Trade Agreements
The USTR's presentation indicates that the U.S. has completed Free Trade Agreement (FTA) negotiations with Oman and Peru and has recently launched FTA negotiations with Korea. The USTR notes that in 2006 the U.S. expects to complete FTA negotiations with Panama, Thailand, Colombia, and the United Arab Emirates. In addition, the U.S. is continuing FTA negotiations with the Southern African Customs Union (SACU), Free Trade Area of the Americas (FTAA), and Ecuador.
USTR presentation at House Ways and Means Committee hearing (dated 02/15/06) available at http://waysandmeans.house.gov/hearings.asp?formmode=view&id=4703.
USTR presentation at Senate Finance Committee hearing (dated 02/16/06) available at
http://finance.senate.gov/hearings/testimony/2005test/021606rptest.pdf.