HR 8010 — Preserving America’s Interests and Security in Trade Act

(a) Authority to designate countries (1) Beneficiary developing countries The President is authorized to designate countries as beneficiary developing countries for purposes of this subchapter. (2) Least-developed beneficiary developing countries The President is authorized to designate any beneficiary developing country as a least-developed beneficiary developing country for purposes of this subchapter, based on the considerations in section 2461 of this title and subsection (c) of this section. (b) Countries ineligible for designation (1) Specific countries The following countries may not be designated as beneficiary developing countries for purposes of this subchapter: (A) Australia. (B) Canada. (C) European Union member states. (D) Iceland. (E) Japan. (F) Monaco. (G) New Zealand. (H) Norway. (I) Switzerland. (2) Other bases for ineligibility The President shall not designate any country a beneficiary developing country under this subchapter if any of the following applies: (A) Such country is a Communist country, unless— (i) the products of such country receive nondiscriminatory treatment, (ii) such country is a WTO Member (as such term is defined in section 3501(10) of this title) and a member of the International Monetary Fund, and (iii) such country is not dominated or controlled by international communism. (B) Such country is a party to an arrangement of countries and participates in any action pursuant to such arrangement, the effect of which is— (i) to withhold supplies of vital commodity resources from international trade or to raise the price of such commodities to an unreasonable level, and (ii) to cause serious disruption of the world economy. (C) Such country affords preferential treatment to the products of a developed country, other than the United States, which has, or is likely to have, a significant adverse effect on United States commerce. (D) (i) Such country— (I) has nationalized, expropriated, or otherwise seized ownership or control of property, including patents, trademarks, or copyrights, owned by a United States citizen or by a corporation, partnership, or association which is 50 percent or more beneficially owned by United States citizens, (II) has taken steps to repudiate or nullify an existing contract or agreement with a United States citizen or a corporation, partnership, or association which is 50 percent or more beneficially owned by United States citizens, the effect of which is to nationalize, expropriate, or otherwise seize ownership or control of property, including patents, trademarks, or copyrights, so owned, or (III) has imposed or enforced taxes or other exactions, restrictive maintenance or operational conditions, or other measures with respect to property, including patents, trademarks, or copyrights, so owned, the effect of which is to nationalize, expropriate, or otherwise seize ownership or control of such property, unless clause (ii) applies. (ii) This clause applies if the President determines that— (I) prompt, adequate, and effective compensation has been or is being made to the citizen, corporation, partnership, or association referred to in clause (i), (II) good faith negotiations to provide prompt, adequate, and effective compensation under the applicable provisions of international law are in progress, or the country described in clause (i) is otherwise taking steps to discharge its obligations under international law with respect to such citizen, corporation, partnership, or association, or (III) a dispute involving such citizen, corporation, partnership, or association over compensation for such a seizure has been submitted to arbitration under the provisions of the Convention for the Settlement of Investment Disputes, or in another mutually agreed upon forum, and the President promptly furnishes a copy of such determination to the Senate and House of Representatives. (E) Such country fails to act in good faith in recognizing as binding or in enforcing arbitral awards...