I
105TH CONGRESS
2D SESSION
H. R. 3353
To direct the United States representatives at certain international financial
institutions to insist that the institutions uphold the trade liberalization
commitments made by the Asian countries receiving assistance from
such institutions.
IN THE HOUSE OF REPRESENTATIVES
MARCH 5, 1998
Mr. BERRY (for himself, Mr. SNYDER, Mr. JOHN, and Mrs. EMERSON) intro-
duced the following bill; which was referred to the Committee on Banking
and Financial Services
A BILL
To direct the United States representatives at certain inter-
national financial institutions to insist that the institu-
tions uphold the trade liberalization commitments made
by the Asian countries receiving assistance from such
institutions.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Asian Trade Reform
Implementation Act of 1998’’.
SEC. 2. TRADE LIBERALIZATION BY ASIAN COUNTRIES RE-
CEIVING ASSISTANCE FROM INTERNATIONAL
FINANCIAL INSTITUTIONS.
(a) FINDINGS AND STATEMENT OF PURPOSE.—
(1) FINDINGS.—The Congress finds that—
(A) free and fair trade contributes to the
economic well-being and growth of the global
economy;
(B) domestic economic stability and pros-
perity is crucial to the development of democ-
racy and civil liberties in individual countries
and throughout the world;
(C) insulated domestic markets contribute
to weakened domestic industries and inhibit the
ability of developing markets to sustain long
term economic well-being;
(D) trade barriers have been routinely em-
ployed by the Asian nations seeking assistance
from the International Monetary Fund, the
International Bank for Reconstruction and De-
velopment, and the Asian Development Bank;
(E) although an emphasis on export-driven
growth has led to remarkable and rapid growth
in such Asian nations, government interference
with domestic production and access to foreign
goods has led, in part, to the untenable situa-
tion faced by such nations;
(F) the international community and the
International Monetary Fund, the International
Bank for Reconstruction and Development, and
the Asian Development Bank are eager to assist
such Asian nations, but must require recipients
of assistance from such institutions to imple-
ment economic reforms to correct systemic
weaknesses; and
(G) the United States, as the world leader
in trade and democracy, must lead in assisting
such troubled nations and insisting that the
necessary systemic reforms are carried out.
(2) STATEMENT OF PURPOSE.—The purpose of
this section is to recognize and act on the need to
open to foreign competition the typically insulated
markets of the Asian nations seeking assistance
from International Monetary Fund, the Inter-
national Bank for Reconstruction and Development,
and the Asian Development Bank.
(b) UNITED STATES POSITION
AT
THE INTER-
NATIONAL BANK FOR RECONSTRUCTION AND DEVELOP-
MENT, AND THE ASIAN DEVELOPMENT BANK.—Title XVI
of the International Financial Institutions Act (22 U.S.C.
262p–262p–5) is amended—
(1) by redesignating section 1622 as section
1624;
(2) by redesignating section 1621 (as added by
section 327 of the Antiterrorism and Effective
Death Penalty Act of 1996; 22 U.S.C. 262p–4q) as
section 1622, and by relocating such section so that
it appears after section 1621 (as added by section
526(e) of Foreign Operations, Export Financing,
and Related Programs Supplemental Appropriations
Act, 1994; 22 U.S.C. 262p–4p); and
(3) by inserting after section 1622 (as so redes-
ignated by paragraph (2) of this subsection) the fol-
lowing:
‘‘SEC. 1623. TRADE LIBERALIZATION BY ASIAN COUNTRIES
RECEIVING ASSISTANCE FROM THE INTER-
NATIONAL MONETARY FUND, THE INTER-
NATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT, AND THE ASIAN DEVELOP-
MENT BANK.
‘‘The Secretary of the Treasury shall instruct the
United States Executive Directors at the International
Monetary Fund, at the International Bank for Recon-
struction and Development, and at the Asian Development
Bank to use their voices and votes at such institutions
to insist that the respective institution insist that Asian
countries receiving assistance from the institution—
‘‘(1) continue to measurably reduce tariff and
non-tariff trade barriers to international goods;
‘‘(2) end trade-related subsidies;
‘‘(3) improve the transparency of import re-
quirements;
‘‘(4) make a commitment to practice fair inter-
national trade; and
‘‘(5) continue to liberalize domestic markets.’’.
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