S.652 - TRADE Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Smith, Gordon H. [R-OR] (Introduced 02/15/2007)|
|Committees:||Senate - Finance|
|Latest Action:||02/15/2007 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Foreign Trade and International Finance
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Summary: S.652 — 110th Congress (2007-2008)All Bill Information (Except Text)
Tariff Relief Assistance for Developing Economies Act of 2007 or TRADE Act of 2007 - Authorizes the President to designate Afghanistan, Bangladesh, Bhutan, Cambodia, Kiribati, Lao People's Democratic Republic, Maldives, Nepal, Samoa, Solomon Islands, Timor-Leste (East Timor), Tuvalu, Vanuatu, Yemen, and Sri Lanka or their successor political entities (TRADE Act of 2007 countries) as beneficiary TRADE Act of 2007 countries eligible to receive duty-free treatment for certain articles that are the growth, product, or manufacture of such countries, if after receiving the advice of the International Trade Commission (ITC) the President determines that such articles are not import-sensitive in the context of imports from such countries.
Introduced in Senate (02/15/2007)
Conditions such designation upon eligibility requirements of the African Growth and Opportunity Act (AGOA) and the Trade Act of 1974.
Prescribes the rule of origin for the articles for the duty-free treatment.
Applies duty-free treatment, without any quantitative limitations, granted to textile and apparel articles under AGOA to articles imported directly into the U.S. customs territory from a beneficiary TRADE Act of 2007 country if their assembly meets specified U.S. origin requirements.
Grants AGOA preferential treatment for apparel articles assembled in one or more beneficiary TRADE Act of 2007 countries or such former countries, or both, from regional fabric from yarn originating either in the United States or one or more of such countries.
Establishes: (1) limitations on such preferential treatment; and (2) special rules for apparel articles wholly assembled in one or more beneficiary TRADE Act of 2007 countries or former beneficiary countries, or both, regardless of the country of origin of the yarn or fabric used to make such articles; and (3) applicable percentages of such benefits.