(Sec. 1) This bill extends the Generalized System of Preferences (a U.S. trade preference program that provides duty-free access to imports on products from certain developing countries) through 2020.
The U.S. Trade Representative, within one year of this bill's enactment and annually thereafter through December 31, 2020, must report to the House Ways and Means Committee and the Senate Finance Committee on efforts to ensure that countries designated as beneficiary developing countries under the Trade Act of 1974 are meeting the eligibility criteria set forth in that Act.
(Sec. 2) The Trade Act of 1974 is amended to modify the deadline for the review process with respect to the competitive needs limitation. (The competitive need limitation terminates duty-free treatment with respect to articles from a beneficiary developing country if certain import limits are exceeded.)
(Sec. 3) The Consolidated Omnibus Budget Reconciliation Act of 1985 is amended to extend through August 1, 2027, the authority for customs user fees for the processing of merchandise formally entered or released into the United States.