27 September 2004 16:39 [Source: ICIS news]
Bob Slaughter, president of the National Petrochemical & Refiners Association (NPRA) told CNI here today that legislation to repeal the FSC – and so end mounting EU sanctions against US exports – might be concluded before the
Speaking with CNI on the sidelines of the 38th annual European Petrochemical Association (EPCA) conference here, Slaughter said repeal of FSC is “a major focus for all manufacturers as well as chemicals producers, and we want to see it repealed, but there is so much concern about this session of Congress and the time left to it.”
Slaughter noted that Congress has yet to deal with a major appropriations bill and a huge highway bill. Congress also is working on a major postal rates reform bill.
But the bill to repeal FSC, said Slaughter, is getting attention on Capitol Hill because of the costly duties that are being levied on a range of
Congress is acting to kill FSC because the EU won a case before the World Trade Organization (WTO), which ruled that FSC is an illegal export credit. WTO authorized the EU to impose tariffs on a range of US goods until the FSC is repealed. The tariffs started at 5% earlier this year and are increased by 1% each month.
“Because of the increasing cost to US exporters,” Slaughter said, “there is considerable attention to this bill on the Hill.”
But a problem looms, said Slaughter, in that various interests in Congress want to add various amendments to the bill – most unrelated to the issue – that could impede progress of the bill in a House-Senate conference committee. “These things tend to become a ‘Christmas tree’,” Slaughter noted, “with people adding all sorts of bits and pieces to the legislation.”
But Slaughter said the high cost to
The 38th annual EPCA conference runs through Tuesday (29th September).
CNI EPCA newsroom: Suite Naiades C, Grand Hotel; Tel: + 377-9315-1070/71
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