Speech #1050177254

Speaker. I rise in opposition to H.J. Res. 120 which denies President Clintons waiver for Vietnam from the JacksonVanik freedom of emigration requirement of the Trade Act of 1974. On June 3. 1998. President Clinton notified Congress of his intention to extend Vietnam a JacksonVanik wavier for an additional year from July 3. 1998 to July 3. 1998. Vietnams trade status is subject to the JacksonVanik amendment to Title IV of the Trade Act of 1974. This provision of law governs the extension of normal trade relations. as well as access to U.S. government credits or credit or investment guarantees. to nonmarket economy countries ineligible for normal trade relations tariff treatment. A country subject to the provisions may gain MFN treatment and coverage by U.S. trade financing programs by complying with the freedom of emigration provisions of the Trade Act. The Trade Act authorizes the President to waive the freedom of emigration requirements with respect to a particular country if he determines that such a waiver will substantially promote the freedom of emigration provisions. Extension of the JacksonVanik waiver for Vietnam gives Vietnam access to U.S. government credits or credit or investment guarantees such as those provided by Overseas Private Investment Corporation (OPIC) and ExportImport Bank support for U.S. businesses in Vietnam. Vietnam has not yet concluded a bilateral commercial agreement with the United States and therefore.