The bill (S.1671) which Grassley filed with Sen. Max Baucus is designed to benefit Pakistan, which is undergoing a severe economic downturn in light of military action in neighboring Afghanistan.
"This initiative is one more tool in the war on terrorism for an important ally of the United States," Grassley said.
The proposal would amend the Generalized System of Preferences, a program which authorizes the President to grant duty-free access to the U.S. market for certain products that are imported from the designated developing countries and territories. The GSP is authorized by the Tade Act of 1974 and reflects the U.S. commitment to three broad goals. It promotes economicdevelopment through trade rather than foreign aid. It encourages beneficiaries to open their markets and comply more fully with international trading rules. And it lowers costs for U.S. consumers and businesses.
Grassley serves as ranking member and Baucus is chairman of the Senate Committee on Finance.
Grassley indicated the legislation they've introduced could be accepted as a free-standing measure by the unanimous consent of the Senate.