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Camp, Brady Statements on Suspension of Argentina’s GSP Benefits

March 26, 2012

Washington, DC – Ways and Means Chairman Dave Camp (R-MI) and Trade Subcommittee Chairman Kevin Brady (R-TX) issued the following statements today after the President notified Congress of his decision to suspend Argentina’s benefits under the Generalized System of Preferences (GSP).  The Administration’s action is a result of Argentina’s refusal to pay a $300 million award ordered by an arbitration panel to U.S. companies that invested in Argentina:    

Chairman Camp stated: “Argentina’s actions are unjustified, and they should not receive GSP benefits while refusing to pay American investors what they are owed.  I have personally pressed Argentina to resolve my grave concerns about the direction of Argentina’s trade policy.  I again urge Argentina to live up to its commitments, which would benefit Argentina, the United States, and the international trading system.”

Trade Subcommittee Chairman Brady commented: “Both Argentine and U.S. businesses and workers are harmed by Argentina’s refusal to live up to its trade and investment commitments.  I am concerned that this harm will only continue to deepen due to Argentina’s counterproductive, protectionist trade policies.  This need not be.  If Argentina is prepared to live up to its commitments, we stand at the ready to be supportive.”