
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC286gg]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
           CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
 
 SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION 
                             AND DEVELOPMENT
 
Sec. 286gg. Elimination of trade restrictions


(a) Promotion of fair trade as financial assistance policy

    (1) The Secretary of the Treasury shall instruct the United States 
Executive Director of each of the multilateral development banks (in 
this section referred to as the ``banks'') and of the Fund to initiate a 
wide consultation with the Managing Director of each of the banks and of 
the Fund and the other directors of the banks and of the Fund with 
regard to the development of financial assistance policies which, to the 
maximum feasible extent--
        (A) reduce obstacles to and restrictions upon international 
    trade and investment in goods and services;
        (B) eliminate unfair trade and investment practices; and
        (C) promote mutually advantageous economic relations.

    (2) The Secretary of the Treasury shall work closely in this effort 
with the Trade Policy Committee.
    (3) As part of this effort, the Secretary of the Treasury shall also 
instruct the United States Executive Director of each of the banks and 
of the Fund to encourage close cooperation between their staff and the 
Secretariat of the World Trade Organization (as the term ``World Trade 
Organization'' is defined in section 3501(8) of title 19).

(b) Agreement to eliminate unfair trade practices as condition of 
        financial assistance

    (1) The Secretary of the Treasury shall instruct the United States 
Executive Director of each of the banks and of the Fund, prior to the 
extension to any country of financial assistance by the banks and by the 
Fund, to work to have the banks and the Fund obtain the agreement of 
such country to eliminate, in a manner consistent with its balance of 
payments adjustment program, unfair trade and investment practices with 
respect to goods and services which the United States Trade 
Representative, after consultation with the Trade Policy Committee, has 
determined to have a significant deleterious effect on the international 
trading system.
    (2) Such practices include--
        (A) the provision of predatory export subsidies, employed in 
    connection with the exporting of agricultural commodities and 
    products thereof to foreign countries;
        (B) the provision of other export subsidies, such as government 
    subsidized below-market interest rate financing for commodities or 
    manufactured goods;
        (C) unreasonable import restrictions;
        (D) the imposition of trade-related performance requirements on 
    foreign investment; and
        (E) practices which are inconsistent with international 
    agreements.

(c) United States position on requests for loans or drawing under bank 
        and Fund programs; progress made in eliminating unfair trade 
        practices

    (1) In determining the United States position on requests for loans 
or periodic drawing under bank and Fund programs, the Secretary of the 
Treasury shall take full account of the progress countries have made in 
achieving targets for eliminating or phasing out the practices referred 
to in subsection (b) of this section.
    (2) In the event that the United States supports a request for loans 
or drawing by a country that has not achieved the bank and Fund targets 
relating to such practices specified in its program, the Secretary of 
the Treasury shall report to the appropriate committees of the Congress 
the reasons for the United States position.

(d) ``Multilateral development banks'' defined

    For purposes of this section, the term ``multilateral development 
banks'' means the International Bank for Reconstruction and Development, 
the Inter-American Development Bank, the African Development Bank, and 
the Asian Development Bank.

(July 31, 1945, ch. 339, Sec. 49, as added Pub. L. 98-181, title VIII, 
Sec. 812, Nov. 30, 1983, 97 Stat. 1275; amended Pub. L. 99-500, 
Sec. 101(f) [title V, Sec. 555], Oct. 18, 1986, 100 Stat. 1783-213, 
1783-240, and Pub. L. 99-591, Sec. 101(f) [title V, Sec. 555], Oct. 30, 
1986, 100 Stat. 3341-214, 3341-240; Pub. L. 106-36, title I, 
Sec. 1002(c), June 25, 1999, 113 Stat. 133.)

                          Codification

    Pub. L. 99-591 is a corrected version of Pub. L. 99-500.


                               Amendments

    1999--Subsec. (a)(3). Pub. L. 106-36 substituted ``Secretariat of 
the World Trade Organization (as the term `World Trade Organization' is 
defined in section 3501(8) of title 19)'' for ``GATT Secretariat''.
    1986--Subsec. (a)(1). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f) 
[title V, Sec. 555(b)], inserted ``each of the multilateral development 
banks (in this section referred to as the `banks') and of'', ``each of 
the banks and of'', and ``banks and of the'', and substituted 
``development of financial'' for ``development of Fund financial''.
    Subsec. (a)(3). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f) 
[title V, Sec. 555(c)], inserted ``each of the banks and of'' and 
substituted ``their staff'' for ``Fund staff''.
    Subsec. (b)(1). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f) 
[title V, Sec. 555(d)], inserted ``each of the banks and of'', ``the 
banks and by'', and ``the banks and''.
    Subsec. (c). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f) [title 
V, Sec. 555(e), (f)], inserted ``bank and'' and ``loans or'' in pars. 
(1) and (2).
    Subsec. (d). Pub. L. 99-500 and Pub. L. 99-591, Sec. 101(f) [title 
V, Sec. 555(a)], added subsec. (d).
