To authorize the negotiation of a Free Trade Agreement with the Republic of Korea, and to provide for expedited congressional consideration of such an agreement.

May 23, 2001

Mr. BAUCUS introduced the following bill; which was read twice and referred to the Committee on Finance

To authorize the negotiation of a Free Trade Agreement with the Republic of Korea, and to provide for expedited congressional consideration of such an agreement.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `United States-Republic of Korea Free Trade Agreement Act of 2001'.

SEC. 2. FINDINGS.

Congress makes the following findings:

(1) Economic growth in the United States has been considerably enhanced by bilateral agreements to lower barriers for United States exports.

(2) Increased trade and economic growth are not ends in themselves. Trade and economic growth should encourage sustainable development, raise living standards, promote higher labor standards, and enhance the welfare and quality of life of all citizens of the United States and the Republic of Korea.

(3) It is inappropriate to encourage trade by relaxing domestic environmental laws or domestic labor laws.

(4) Countries that open their domestic markets, remove barriers to foreign direct investment, and promote free enterprise, empower their citizens to alleviate poverty and maintain social and environmental values.

(5) The Republic of Korea has participated fully in World Trade Organization programs and policies that promote open trade.

(6) At the 1996 World Trade Organization Ministerial in Singapore, the Republic of Korea reaffirmed its commitment to internationally recognized core labor standards.

SEC. 3. UNITED STATES POLICY WITH RESPECT TO TRADE.

It is the policy of the United States to seek the elimination of tariff and nontariff barriers in order to achieve more open market access, on a reciprocal basis, to internationally traded goods and service, through bilateral free trade agreements with like-minded countries. Such agreements should address the following:

(1) National treatment and market access for agricultural and industrial products.

(2) Rules for determining which goods originate in the territory of the United States and the Republic of Korea.

(3) Customs procedures that facilitate trade and collection of trade statistics, while ensuring the validity of claims for preferential treatment.

(4) Science-based, nondiscriminatory sanitary, phytosanitary, and technical standards, including voluntary standards.

(5) Safeguard provisions for industries that have sustained, or are threatened with, serious economic injury from import surges.

(6) Government procurement procedures.

(7) National treatment and rights of establishment for foreign direct investors.

(8) National treatment and market access for traded services, including consumption of services abroad, cross-border provision of services, rights of establishment of commercial presence, and the movement of natural persons.

(9) Protection of intellectual property.

(10) Transparency of legal and regulatory regimes.

(11) Measures to promote electronic commerce.

(12) Trade-related environmental measures, and the potential for both favorable and adverse environmental impacts.

(13) Adherence to internationally recognized core labor standards.

SEC. 4. NEGOTIATION OF A FREE TRADE AGREEMENT WITH THE REPUBLIC OF KOREA.

Subject to section 5, the President is authorized to enter into an agreement with the Republic of Korea consistent with the policy described in section 3, and the provisions of section 151(c) of the Trade Act of 1974 (19 U.S.C. 2191(c)) shall apply with respect to a bill to implement such agreement.

SEC. 5. INTRODUCTION AND FAST TRACK CONSIDERATION OF IMPLEMENTING BILL.

(a) INTRODUCTION IN HOUSE OF REPRESENTATIVES AND SENATE- Whenever the President submits to Congress a bill to implement a trade agreement described in section 4, the bill shall be introduced (by request) in the House of Representatives and in the Senate as described in section 151(c) of the Trade Act of 1974 (19 U.S.C. 2191(c)).

(b) PERMISSIBLE CONTENT IN IMPLEMENTING LEGISLATION- A bill to implement a trade agreement described in section 4 shall contain provisions that are necessary to implement the trade agreement, and shall include trade-related labor and environmental protection standards, but may not include amendments to title VII of the Tariff Act of 1930, title II of the Trade Act of 1974, or any antitrust law of the United States.

(c) APPLICABILITY OF FAST TRACK PROCEDURES- Section 151 of the Trade Act of 1974 (19 U.S.C. 2191) is amended--

(1) in subsection (b)(1), by inserting `section 5 of the United States-Republic of Korea Free Trade Agreement Act of 2001,' after `the Omnibus Trade and Competitiveness Act of 1988,'; and

(2) in subsection (c)(1), by inserting `or under section 5 of the United States-Republic of Korea Free Trade Agreement Act of 2001,' after `the Uruguay Round Agreements Act,'.

END