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Trade Talk: Washington Update on CBI Parity

<STRONG>WASHINGTON UPDATE ON CBI PARITY</STRONG>: When the House Trade Subcommittee finished work on its draft of implementing legislation for the GATT Uruguay Round last week, it delayed consideration of several controversial issues -- including the...

WASHINGTON UPDATE ON CBI PARITY: When the House Trade Subcommittee finished work on its draft of implementing legislation for the GATT Uruguay Round last week, it delayed consideration of several controversial issues — including the administration’s proposal that Caribbean Basin Initiative countries be given the same trade benefits for their exports accorded Mexico.

Instead, CBI parity — as well as antidumping regulations, creation of the World Trade Organization and a provision to permit the U.S. to retaliate against unfair trade practices — are to be considered this month when the full House Ways and Means Committee takes up the plan to liberalize worldwide trade.

Once the House and Senate committees reconcile their versions of implementing legislation, they will forward one plan to the White House. The White House, working from the reconciled version, will then complete its own legislation, which Congress cannot change but can only approve or deny.