TRALAC - Trade Law Centre

US House of Representatives Passes AGOA Legislation!

Friday, 08 December 2006

Source: Committee on Ways and Means

Today, the U.S. House of Representatives approved H.R. 6406, a Bill addressing a number of trade issues, by a 212-184 vote.

The legislation continues ongoing U.S. humanitarian efforts by creating economic opportunity for developing countries through trade. It also extends permanent normal trade relations (PNTR) with Vietnam. Finally, the bill includes 500 thoroughly vetted tariff reductions on products that are not produced in the U.S. These tariff reductions help lower costs for U.S. manufacturers, retailers and consumers.

"This legislation will help to create stronger trading partners for the future, while also recognizing our responsibility as having one of the world’s strongest economies to help developing countries grow," said Ways and Means Chairman Bill Thomas (R-CA). "It’s important to note that the Generalized System of Preferences extension applies the same rules to all countries equally. This will help ensure that the benefit is available to those that need it most."

"Today’s vote also represents a significant milestone in our efforts to mend the wounds of one of the most divisive conflicts in our nation’s history," said Ways and Means Committee Chairman Bill Thomas (R-CA). "Granting PNTR status to Vietnam will help complete the process of reconciliation and foster a new relationship through mutual economic prosperity."

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