US-Kazakhstan Trade Modernization Act
US-Kazakhstan Trade Modernization Act
Plain Language Summary
# US-Kazakhstan Trade Modernization Act Summary **What the Bill Does:** This bill would allow the President to grant Kazakhstan permanent "normal trade relations" (NTR) status with the United States. Currently, Kazakhstan only has temporary trade status that requires annual review. The bill specifically removes an old Cold War-era rule called the Jackson-Vanik amendment that was designed to pressure countries on freedom of emigration. Instead of renewing Kazakhstan's temporary status every year, this bill would make their favorable trade relationship permanent. **Who It Affects:** The bill affects U.S.
and Kazakhstani businesses and workers by providing more stability and predictability in trade between the two countries. Permanent status could encourage greater investment and commerce. It also affects the President's trade authority, expanding their power to adjust trade relationships without needing Congress to renew the decision annually. **Current Status:** The bill (HR 1024) was introduced in the 119th Congress by Representative Jimmy Panetta (D-CA) and is currently in committee, meaning it has not yet advanced to a full floor vote in the House of Representatives.
CRS Official Summary
US-Kazakhstan Trade Modernization ActThis bill addresses trade between the United States and Kazakhstan. Specifically, the bill authorizes the President to determine that Section 402 of the Trade Act of 1974 (commonly known as the Jackson-Vanik amendment) does not apply to Kazakhstan. The Jackson-Vanik amendment denies normal trade relations (NTR) status to some current and former nonmarket economy countries unless they comply with certain freedom-of-emigration requirements. Under a provision of this amendment, the President may extend NTR status to a country affected by the amendment by waiving the freedom-of-emigration requirements or determining that the country is not in violation of those requirements, subject to an annual review. Kazakhstan has received temporary NTR status since 1992.Additionally, the bill authorizes the President to extend permanent NTR status to Kazakhstan.
Latest Action
Referred to the House Committee on Ways and Means.