Summary: S.529 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for S.529. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/10/1995)

TABLE OF CONTENTS:

Title I: Relationship of NAFTA Implementation to the

Operation of the Caribbean Basin Initiative

Title II: Related Provisions

Caribbean Basin Trade Security Act - Title I: Relationship of NAFTA Implementation to the Operation of the Caribbean Basin Initiative - Amends the Caribbean Basin Economic Recovery Act (the Act) to accord certain textile and apparel articles and certain other articles (including canned tuna and petroleum) from Caribbean beneficiary countries, for a specified transition period, the same tariff and quota treatment (lower tariffs or duty-free treatment) accorded any such articles imported from Mexico under the North American Free Trade Agreement (NAFTA).

(Sec. 102) Directs the President to: (1) monitor the effects, if any, that implementation of NAFTA has on the access of beneficiary countries to U.S. markets for sugars, syrups, and molasses; and (2) take or propose any actions necessary to ameliorate any adverse effects such implementation may have on them.

(Sec. 103) Grants duty-free treatment of Canadian liqueurs and spirituous beverages made from Caribbean rum.

Title II: Related Provisions - Requires the President to meet with trade ministers of beneficiary countries in order to negotiate for their accession to the NAFTA, or to enter into free trade agreements with the United States that contain comparable provisions with those in the NAFTA and that would make progress in achieving certain trade negotiating objectives under the NAFTA.

(Sec. 202) Directs the United States Trade Representative (USTR) to make an assessment of the economic development efforts and market oriented reforms in each beneficiary country, including each country's ability to undertake the obligations of the NAFTA. Requires the USTR, if such countries accede to the NAFTA or the United States negotiates a comparable free trade agreement with them, to provide to specified congressional committees a report on the economic impact of the new trade relationship on beneficiary countries.