Pub.L. 104-172 To impose sanctions on persons making certain investments directly and ...

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Public Law 104-171
104th Congress

                                 An Act


 
To authorize the extension of nondiscriminatory treatment (most-favored-
     nation treatment) to the products of Romania. <<NOTE:  Aug. 3, 
                         1996 -  [H.R. 3161]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in <<NOTE: Exports and imports.>> Congress 
assembled,

SECTION 1. <<NOTE: 19 USC 2434 note.>> FINDINGS.

    The Congress finds that--
            (1) Romania emerged from years of brutal Communist 
        dictatorship in 1989 and approved a new Constitution and elected 
        a Parliament by 1991, laying the foundation for a modern 
        parliamentary democracy charged with guaranteeing fundamental 
        human rights, freedom of expression, and respect for private 
        property;
            (2) local elections, parliamentary elections, and 
        presidential elections have been held in Romania, and 1996 will 
        mark the second nationwide presidential elections under the new 
        Constitution;
            (3) Romania has undertaken significant economic reforms, 
        including the establishment of a two-tier banking system, the 
        introduction of a modern tax system, the freeing of most prices 
        and elimination of most subsidies, the adoption of a tariff-
        based trade regime, and the rapid privatization of industry and 
        nearly all agriculture;
            (4) Romania concluded a bilateral investment treaty with the 
        United States in 1993, and both United States investment in 
        Romania and bilateral trade are increasing rapidly;
            (5) Romania has received most-favored-nation treatment since 
        1993, and has been found by the President to be in full 
        compliance with the freedom of emigration requirements under 
        title IV of the Trade Act of 1974;
            (6) Romania is a member of the World Trade Organization and 
        extension of unconditional most-favored-nation treatment to the 
        products of Romania would enable the United States to avail 
        itself of all rights under the World Trade Organization with 
        respect to Romania; and
            (7) Romania has demonstrated a strong desire to build 
        friendly relationships and to cooperate fully with the United 
        States on trade matters.

SEC. 2. <<NOTE: 19 USC 2434 note.>> TERMINATION OF APPLICATION OF TITLE 
            IV OF THE TRADE ACT OF 1974 TO ROMANIA.

    (a) Presidential Determinations and Extension of Nondiscriminatory 
Treatment.--Notwithstanding any provision of

[[Page 110 STAT. 1540]]

title IV of the Trade Act of 1974 (19 U.S.C. 2431 et seq.), the 
President may--
            (1) determine that such title should no longer apply to 
        Romania; and
            (2) after making a determination under paragraph (1), 
        proclaim the extension of nondiscriminatory treatment (most-
        favored-nation treatment) to the products of that country.

    (b) Termination of Application of Title IV.--On and after the 
effective date of the extension under subsection (a)(2) of 
nondiscriminatory treatment to the products of Romania, title IV of the 
Trade Act of 1974 shall cease to apply to that country.

    Approved August 3, 1996.

LEGISLATIVE HISTORY--H.R. 3161:
---------------------------------------------------------------------------

HOUSE REPORTS: No. 104-629 (Comm. on Ways and Means).
CONGRESSIONAL RECORD, Vol. 142 (1996):
            July 16, 17, considered and passed House.
            July 18, considered and passed Senate.
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 32 (1996):
            Aug. 3, Presidential statement.

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