Miscellaneous International Trade Notices
On April 18, 2008, the President signed into law (Public Law 110-200) a bill to extend certain trade provisions of the Farm Security and Rural Investment Act of 2002 another week to April 25, 2008 (from April 18, 2008). (See ITT's Online Archives or 04/18/08 news, 08041815, for BP summary of the House and Senate passage of the bill.) (White House statement, dated 04/18/08, available at
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1. President Signs Bill to Extend Certain 2002 Farm Bill Trade Provisions to April 25, 2008
http://www.whitehouse.gov/news/releases/2008/04/20080418-13.html.)
2. New Bill Introduced to Modernize AES, Strengthen Prosecutions, Etc.
On April 17, 2008, Representatives Manzullo and Smith introduced the "Securing Exports Through Coordination and Technology Act of 2008" (H.R. 5828) which would require the Federal Government to modernize the Automated Export System (AES) to prevent inadvertent errors while cracking down on the bad actors who deliberately try to circumvent the system. (Press release, dated 04/17/08, available at http://manzullo.house.gov/News/DocumentSingle.aspx?DocumentID=88891.)
3. Senate Passes Bill to Amend SAFETEA-LU
On April 17, 2008, the Senate passed an amended version of H.R. 1195, a bill to amend the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) to make technical corrections, and for other purposes. The House had passed its version of H.R. 1195 on March 26, 2007. (Congressional Record, 04/17/08, available at http://thomas.loc.gov/cgi-bin/query/B?r110:@FIELD(FLD003d)@FIELD(DDATE20080417).)
4. Korea to Fully Open its Market to U.S. Beef, Beef Products
The Office of the U.S. Trade Representative has issued a press release announcing that the U.S. and Korea concluded an agreement on April 18, 2008 to fully reopen Korea's market to all U.S. beef and beef products consistent with international standards and the World Organization for Animal Health (OIE) guidelines. With this full resumption of U.S. beef exports to Korea, USTR states that the major obstacle to Congressional consideration of the U.S.-Korea Free Trade Agreement has been removed. (Press release, dated 04/18/08, available at http://www.ustr.gov/assets/Document_Library/Press_Releases/2008/April/asset_upload_file668_14855.pdf)
5. Top Democrat Says Korean Deal on Beef Not Enough for FTA
Bloomberg.com reports that House Trade Subcommittee Chairman Sander Levin stated that the Korean beef deal is not enough to allow the free trade agreement with South Korea to go forward, as the problem with the FTA has always been broader than beef. (04/18/08, http://www.bloomberg.com/apps/news?pid=20601103&sid=arKl4pzRBct4 )
6. High Rice Prices Creating Fears of Asia Unrest
The New York Times reports that the price of rice, a staple in the diets of nearly half the world's population, has almost doubled on international markets in the last three months. That has pinched the budgets of millions of poor Asians and raised fears of civil unrest. (03/29/08, http://www.nytimes.com/2008/03/29/business/worldbusiness/29rice.html?ex=1364443200&en=f84efb7da495aec7&ei=5088&partner=rssnyt&emc=rss )
7. OFAC Publishes Enforcement Information for April 4th
The Office of Foreign Assets Control has issued a notice announcing the following enforcement information for April 4, 2008:
| Entity | Penalty | Action/Violation/Alleged Violation |
|---|---|---|
| Mahdavi's A&A Rug Company | $9,240 | Imported Iranian goods in violation of the Iranian Transactions Regulations |
| Morgan Stanley | $ 3,162 | Issued instructions to a bank for a wire transfer from a Specially Designated Narcotics Trafficker's (SDNT's) securities account without an OFAC license and failed to block the securities account at the time of the SDNT's designation in violation of the Narcotics Trafficking Sanctions Regulations |
| United Advantage Northwest Federal Credit Union, successor to Advantage Northwest Federal Credit Union | $2,970 | Acted without an OFAC license by processing a funds transfer destined for Cuba in violation of the Cuban Assets Control Regulations |
| Good Hope International, Inc. | $900 | Used the services of an Iranian vessel to transport goods from India to Holland without an OFAC license in violation of the Iranian Transactions Regulations |
(OFAC notice available at http://www.treas.gov/offices/enforcement/ofac/civpen/penalties/04042008.pdf)