Petition Under Section 302 on China's Currency Valuation; Decision Not To Initiate Investigation, 46259 [05-15674]
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Federal Register / Vol. 70, No. 152 / Tuesday, August 9, 2005 / Notices
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[FR Doc. 05–15721 Filed 8–8–05; 8:45 am]
BILLING CODE 4710–25–P
OFFICE OF THE UNITED STATES
TRADE REPRESENTATIVE
Petition Under Section 302 on China’s
Currency Valuation; Decision Not To
Initiate Investigation
Office of the United States
Trade Representative.
ACTION: Decision not to initiate
investigation.
AGENCY:
SUMMARY: The United States Trade
Representative (USTR) has determined
VerDate jul<14>2003
15:52 Aug 08, 2005
Jkt 205001
not to initiate an investigation under
section 302 of the Trade Act of 1974
with respect to a petition addressed to
China’s currency valuation policies
because initiation of an investigation
would not be effective in addressing the
issues raised in the petition.
DATES: Effective May 27, 2005.
FOR FURTHER INFORMATION CONTACT:
Terrence McCartin, Senior Director of
Monitoring and Enforcement for China,
(202) 395–3900; or William Busis,
Associate General Counsel and
Chairman of the Section 301 Committee,
(202) 395–3150.
SUPPLEMENTARY INFORMATION: On April
20, 2005, the Congressional China
Currency Action Coalition filed a
petition pursuant to section 302(a)(1) of
the Trade Act of 1974, as amended (the
Trade Act), alleging that certain acts,
policies and practices of the
Government of China with respect to the
valuation of China’s currency deny and
violate international legal rights of the
United States, are unjustifiable, and
burden or restrict U.S. commerce. In
particular, the petition alleged that
China’s acts, policies and practices that
maintain a fixed exchange rate vis a vis
the U.S. dollar have resulted in a
significant undervaluation of China’s
currency. The petition alleged that these
acts, policies and practices amount: To
a prohibited export subsidy under the
Agreement on Subsidies and
Countervailing Measures and articles VI
and XVI of the General Agreement on
Tariffs and Trade 1994 (GATT 1994); to
exchange action under article XV of the
GATT 1994 that frustrates the intent of
articles I, II, III, and XI of the GATT
1994; and to subsidies that are
inconsistent with China’s obligations
under articles 3, 9, and 10 of the
Agreement on Agriculture. The petition
also alleged that these acts, policies and
practices of China violate international
legal rights of the United States under
articles IV and VIII of the Articles of
Agreement of the International
Monetary Fund, and that they burden or
restrict U.S. commerce by, among other
things, suppressing U.S. manufacturing
for domestic consumption and the
growth in U.S. exports.
On May 27, 2005, the USTR
determined not to initiate an
investigation under section 302 of the
Trade Act because, among other
reasons, an investigation would not be
effective in addressing the acts, policies,
and practices covered in the petition.
The Administration is currently
involved in efforts to address with the
Government of China the currency
valuation issues raised in the petition.
The USTR believes that initiation of an
PO 00000
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Fmt 4703
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46259
investigation under section 302 would
hamper, rather than advance,
Administration efforts to address
China’s currency valuation policies.
William Busis,
Chairman, Section 301 Committee.
[FR Doc. 05–15674 Filed 8–8–05; 8:45 am]
BILLING CODE 3190–W5–P
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[Federal Register Volume 70, Number 152 (Tuesday, August 9, 2005)]
[Notices]
[Page 46259]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-15674]
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OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE
Petition Under Section 302 on China's Currency Valuation;
Decision Not To Initiate Investigation
AGENCY: Office of the United States Trade Representative.
ACTION: Decision not to initiate investigation.
-----------------------------------------------------------------------
SUMMARY: The United States Trade Representative (USTR) has determined
not to initiate an investigation under section 302 of the Trade Act of
1974 with respect to a petition addressed to China's currency valuation
policies because initiation of an investigation would not be effective
in addressing the issues raised in the petition.
DATES: Effective May 27, 2005.
FOR FURTHER INFORMATION CONTACT: Terrence McCartin, Senior Director of
Monitoring and Enforcement for China, (202) 395-3900; or William Busis,
Associate General Counsel and Chairman of the Section 301 Committee,
(202) 395-3150.
SUPPLEMENTARY INFORMATION: On April 20, 2005, the Congressional China
Currency Action Coalition filed a petition pursuant to section
302(a)(1) of the Trade Act of 1974, as amended (the Trade Act),
alleging that certain acts, policies and practices of the Government of
China with respect to the valuation of China's currency deny and
violate international legal rights of the United States, are
unjustifiable, and burden or restrict U.S. commerce. In particular, the
petition alleged that China's acts, policies and practices that
maintain a fixed exchange rate vis a vis the U.S. dollar have resulted
in a significant undervaluation of China's currency. The petition
alleged that these acts, policies and practices amount: To a prohibited
export subsidy under the Agreement on Subsidies and Countervailing
Measures and articles VI and XVI of the General Agreement on Tariffs
and Trade 1994 (GATT 1994); to exchange action under article XV of the
GATT 1994 that frustrates the intent of articles I, II, III, and XI of
the GATT 1994; and to subsidies that are inconsistent with China's
obligations under articles 3, 9, and 10 of the Agreement on
Agriculture. The petition also alleged that these acts, policies and
practices of China violate international legal rights of the United
States under articles IV and VIII of the Articles of Agreement of the
International Monetary Fund, and that they burden or restrict U.S.
commerce by, among other things, suppressing U.S. manufacturing for
domestic consumption and the growth in U.S. exports.
On May 27, 2005, the USTR determined not to initiate an
investigation under section 302 of the Trade Act because, among other
reasons, an investigation would not be effective in addressing the
acts, policies, and practices covered in the petition. The
Administration is currently involved in efforts to address with the
Government of China the currency valuation issues raised in the
petition. The USTR believes that initiation of an investigation under
section 302 would hamper, rather than advance, Administration efforts
to address China's currency valuation policies.
William Busis,
Chairman, Section 301 Committee.
[FR Doc. 05-15674 Filed 8-8-05; 8:45 am]
BILLING CODE 3190-W5-P
