‘‘(ii) The Bank shall implement such regulations and 
procedures as may be appropriate to ensure that full con-
sideration is given to the extent to which any loan, guar-
antee, insurance, extension of credit, or participation in 
an extension of credit is likely to have a positive effect 
on industries, including the textile and apparel industry 
and agricultural production, in countries designated as 
beneficiary sub-Saharan African countries under section 
506A(a)(1) of the Trade Act of 1974 (19 U.S.C. 
2466a(a)(1)). To carry out the purposes of this clause, 
the Bank shall work with the Administrator of the United 
States Agency for International Development, the United 
States Trade Representative, and the Secretary of Com-
merce in identifying opportunities to use the resources of 
the Bank to encourage industrial and agricultural develop-
ment in such beneficiary sub-Saharan African countries.’’. 
(b) EXPORT-IMPORT BANK OF THE UNITED STATES 
AND THE OVERSEAS PRIVATE INVESTMENT CORPORA-
TION.—In order to promote long-term, sustainable growth 
in the agriculture and textile sectors in countries des-
ignated as beneficiary sub-Saharan African countries 
under section 506A(a)(1) of the Trade Act of 1974 (19 
U.S.C. 2466a(a)(1)), the President shall direct the head 
of the Export-Import Bank of the United States and the 
Overseas Private Investment Corporation to— 
VerDate Aug 31 2005 
18:44 Apr 04, 2006
Jkt 049196
PO 00000
Frm 00023
Fmt 6652
Sfmt 6201
E:\BILLS\H5070.IH
H5070
wwhite on PROD1PC61 with BILLS
(1) analyze and report annually on the potential 
of their operations to contribute to economic devel-
opment and job creation in such beneficiary coun-
tries with a particular emphasis on the agricultural 
and textiles sectors; and 
(2) convene a working group with participation 
from United States Agency for International Devel-
opment, the Department of Commerce, the Depart-
ment of Agriculture, as well as representatives from 
the private sector and civil society, to identify and 
evaluate specific opportunities for loans, guarantees, 
insurance, extension of credit or other benefits pro-
vided by the Export-Import Bank of the United 
States and Overseas Private Investment Corporation 
to be used to promote economic development and job 
creation in such beneficiary countries with a par-
ticular emphasis on the agricultural and textiles sec-
tors. 
SEC. 308. TAX POLICY WITH RESPECT TO SUB-SAHARAN AF-
RICAN COUNTRIES. 
(a) DEVELOPMENT OF DOMESTIC TAX POLICIES TO 
REPLACE LOST TRADE TAX REVENUES.— 
(1) FINDINGS.—Congress finds that— 
(A) trade tax revenues remain important 
in many countries designated as beneficiary 
VerDate Aug 31 2005 
18:44 Apr 04, 2006
Jkt 049196
PO 00000
Frm 00024
Fmt 6652
Sfmt 6201
E:\BILLS\H5070.IH
H5070
wwhite on PROD1PC61 with BILLS
sub-Saharan African countries under section 
506A(a)(1) of the Trade Act of 1974 (19 
U.S.C. 2466a(a)(1)); 
(B) studies conducted by the International 
Monetary Fund show that the revenue losses a 
developing country experiences due to trade lib-
eralization can be recovered by improving the 
domestic tax system in the affected country; 
and 
(C) technical assistance provided by the 
United States to such beneficiary countries in 
fiscal or economic policy programs has focused 
on tax system enhancement or development that 
has been helpful in moving tax regimes away 
from trade-related tax revenue toward other tax 
revenue sources. 
(2) SENSE OF THE CONGRESS.—It is the sense 
of Congress that— 
(A) the United States Agency for Inter-
national Development, in cooperation with the 
Department of the Treasury, the International 
Monetary Fund, the International Bank for Re-
construction and Development, and the African 
Development Bank, should exercise the authori-
ties it has to continue to provide technical as-
VerDate Aug 31 2005 
18:44 Apr 04, 2006
Jkt 049196
PO 00000
Frm 00025
Fmt 6652
Sfmt 6201
E:\BILLS\H5070.IH
H5070
wwhite on PROD1PC61 with BILLS
sistance to countries designated as beneficiary 
sub-Saharan African countries under section 
506A(a)(1) of the Trade Act of 1974 (19 
U.S.C. 2466a(a)(1)) in tax policy, revenue ad-
ministration, and anti-corruption efforts; and 
(B) particular focus should be given to 
projects that assist such beneficiary countries in 
developing domestic policies and measures to 
replace lost trade tax revenues resulting from 
trade liberalization. 
(b) DOUBLE TAXATION TREATIES WITH ELIGIBLE 
SUB-SAHARAN AFRICAN COUNTRIES.—In order to en-
courage investment in and certainty in the movement of 
capital, the Secretary of the Treasury shall seek negotia-
tions with those countries designated as beneficiary sub- 
Saharan African countries under section 506A(a)(1) of 
the Trade Act of 1974 (19 U.S.C. 2466a(a)(1)) which the 
Secretary determines will benefit most from an income tax 
treaty with the United States. 
SEC. 309. BILATERAL INVESTMENT TREATIES. 
In order to encourage investment in countries des-
ignated as beneficiary sub-Saharan African countries 
under section 506A(a)(1) of the Trade Act of 1974 (19 
U.S.C. 2466a(a)(1)) and reduce the uncertainties that 
arise from investing in developing countries, the United 
VerDate Aug 31 2005 
18:44 Apr 04, 2006
Jkt 049196
PO 00000
Frm 00026
Fmt 6652
Sfmt 6201
E:\BILLS\H5070.IH
H5070
wwhite on PROD1PC61 with BILLS
States Trade Representative shall seek to negotiate, with 
interested eligible sub-Saharan African countries, bilateral 
investment agreements. Any such agreement shall comply 
with section 2102(b)(3) of the Trade Act of 2002 (19 
U.S.C. 3802(b)(3)). 
SEC. 310. DEVELOPMENT AND TRADE CAPACITY FOR SUB- 
SAHARAN AFRICA. 
(a) SENSE OF CONGRESS.—It is the sense of Con-
gress that— 
(1) sub-Saharan Africa faces critical challenges 
to economic growth and progress toward the United 
Nations Millennium Development Goals (as con-
tained United Nations General Assembly Resolution 
55/2 (September 2000)); 
(2) the January 1, 2005, elimination of textile 
and apparel quotas previously maintained by mem-
bers of the World Trade Organization (WTO) and 
competition from subsidized producers in countries 
such as the People’s Republic of China continue to 
reverse the economic gains in sub-Saharan Africa 
that resulted from implementation of the African 
Growth and Opportunity Act (19 U.S.C. 3701 et 
seq.); and 
(3) the United States should play a leadership 
role in expanding trade benefits to sub-Saharan Af-
VerDate Aug 31 2005 
18:44 Apr 04, 2006
Jkt 049196
PO 00000
Frm 00027
Fmt 6652
Sfmt 6201
E:\BILLS\H5070.IH
H5070
wwhite on PROD1PC61 with BILLS