REVIEW OF SUBSIDIES AGREEMENT.

SEC. 282. REVIEW OF SUBSIDIES AGREEMENT. (a) General Objectives.—The general objectives of the United States under this part are— (1) to ensure that parts II and III of the Agreement on Subsidies and Countervailing Measures referred to in section 101(d)(12) (hereafter in this section referred to as the “Subsidies Agreement”) are effective in disciplining the use of subsidies and in remedying the adverse effects of subsidies, and (2) to ensure that part IV of the Subsidies Agreement does not undermine the Benefits derived from any other part of that Agreement (b) Specific Objective.—The specific objective of the United States under this part shall be to create a mechanism which will 108 STAT. 4928provide for an ongoing review of the operation of part IV of the Subsidies Agreement. (c) Sunset of Noncountervailable Subsidies Provisions.— (1) In general.—Subparagraphs (B), (C), (D), and (E) of section 771(5B) of the Tariff Act of 1930 shall cease to apply as provided in subparagraph (G)(i) of such section, unless, before the date referred to in such subparagraph (G)(i)— (A) the Subsidies Committee determines to extend Articles 6.1, 8, and 9 of the Subsidies Agreement as in effect on the date on which the Subsidies Agreement enters into force or in a modified form, in accordance with Article 31 of such Agreement, (B) the President consults with the Congress in accordance with paragraph (2), and (C) an implementing bill is submitted and enacted into law in accordance with paragraphs (3) and (4). (2) Consultation with congress before subsidies committee agrees to extend.—Before a determination is made by the Subsidies Committee to extend Articles 6.1, 8, and 9 of the Subsidies Agreement, the President shall consult with the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate regarding such extension. (3) Implementation of extension.— (A) Notification and submission.—Any extension of subparagraphs (B), (C), (D), and (E) of section 771(5B) of the Tariff Act of 1930 shall take effect if (and only if)— (i) after the Subsidies Committee determines to extend Articles 6.1, 8, and 9 of the Subsidies Agreement, the President submits to the committees referred to in paragraph (2) a copy of the document describing the terms of such extension, together with— (I) a draft of an implementing bill, (II) a statement of any administrative action proposed to implement the extension, and (III) the supporting information described in subparagraph (C); and (ii) the implementing bill is enacted into law. (B) Implementing bill.—The implementing bill referred to in subparagraph (A) shall contain only those provisions that are necessary or appropriate to implement an extension of the provisions of section 771(5B) (B), (C), (D), and (E) of the Tariff Act of 1930 as in effect on the day before the date of the enactment of the implementing bill or as modified to reflect the determination of the Subsidies Committee to extend Articles 6.1, 8, and 9 of the Subsidies Agreement. (C) Supporting information.—The supporting information required under subparagraph (A)(i)(III) consists of— (i) an explanation as to how the implementing bill and proposed administrative action will change or affect existing law; and (ii) a statement regarding— (I) how the extension serves the interests of United States commerce, and 108 STAT. 4929 (II) why the implementing bill and proposed administrative action is required or appropriate to carry out the extension. (4) Application of congressional “fast track” procedures to implementing bill.—Section 151 of the Trade Act of 1974 (19 U.S.C. 2191) is amended— (A) in subsection (b)(1)— (i) by inserting “, or with respect to an extension described in section 282(c)(3) of the Uruguay Round Agreements Act,” after “trade agreements”, (ii) by striking “or section 1103(a)(1) of the Omnibus Trade and Competitiveness Act of 1988” and inserting section 1103(a)(1) of the Omnibus Trade and Competitiveness Act of 1988, or section 282 of the Uruguay Round Agreements Act”, and (iii) by inserting “or such extension” in subparagraphs (A) and (C) after “agreements” each place it appears, and (B) in subsection (c)(l)— (i) by inserting “or section 282 of the Uruguay Round Agreements Act” after “section 102”, and (ii) by inserting “or extension” after “agreement” each place it appears. (5) Report by the trade representative.—Not later than the date referred to in section 771(5B)(G)(i) of the Tariff Act of 1930, the Trade Representative shall submit to the Congress a report setting forth the provisions of law which were enacted to implement Articles 6.1, 8, and 9 of the Subsidies Agreement and should be repealed or modified if such provisions are not extended. (d) Review of the Operation of the Subsidies Agreement.—The Secretary of Commerce, in consultation with other appropriate departments and agencies of the Federal Government, shall undertake an ongoing review of the operation of the Subsidies Agreement The review shall address— (1) the effectiveness of part II of the Subsidies Agreement in disciplining the use of subsidies which are prohibited under Article 3 of the Agreement, (2) the effectiveness of part III and, in particular, Article 6.1 of the Subsidies Agreement, in remedying the adverse effects of subsidies which are actionable under the Agreement, and (3) the extent to which the provisions of part IV of the Subsidies Agreement may have undermined the benefits derived from other parts of the Agreement, and, in particular— (A) the extent to which WTO member countries have cooperated in reviewing and improving the operation of part IV of the Subsidies Agreement, (B) the extent to which the provisions of Articles 8.4 and 8.5 of the Subsidies Agreement have been effective in identifying and remedying violations of the conditions and criteria described in Article 8.2 of the Agreement, and (C) the extent to which the provisions of Article 9 of the Subsidies Agreement have been effective in remedying the serious adverse effects of subsidy programs described in Article 8.2 of the Agreement 108 STAT. 4930Not later than 4 years and 6 months after the date of the enactment of this Act, the Secretary of Commerce shall submit to the Congress a report on the review required under this subsection.