Summary: H.R.2644 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.2644. Bill summaries are authored by CRS.

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Introduced in House (10/09/1997)

United States-Caribbean Trade Partnership Act - Amends the Caribbean Basin Economic Recovery Act (CBERA) to prescribe the treatment of specified textile and apparel articles with respect to CBERA beneficiary (partnership) countries during a period of transition to application of the North American Free Trade Agreement (NAFTA) or a free trade agreement comparable to NAFTA.

Revises requirements for the President's: (1) determination of preferential treatment; and (2) report to the Congress regarding specified actions of partnership countries.

Directs the President to monitor the effect of NAFTA on sugar imports from partnership countries.

Cites circumstances under which duty-free treatment is applicable to liqueurs and spirituous beverages produced from rum in the territory of Canada.

Instructs the President to provide for a meeting with the trade ministers of the partnership countries and the United States Trade Representative (USTR) in order to initiate negotiations for partnership countries to accede to the NAFTA, or to enter into mutually advantageous trade agreements with the United States containing provisions comparable to NAFTA.

Instructs the USTR to: (1) submit to the President and to certain congressional committees an assessment of each partnership country's ability to undertake NAFTA obligations based upon its economic development efforts and market oriented reforms; and (2) submit a separate report to congressional committees on the economic impact of a new trade relationship on partnership countries if one or more such countries accede to NAFTA, or the United States negotiates a comparable free trade agreement with them.

Declares that the Internal Revenue Code shall be applied with respect to severance pay without regard to the result reached in the case of Schmidt Baking Company, Inc. v. Commissioner of Internal Revenue.