A bill to amend the Trade Act of 1974 in order to authorize the President to designate as beneficiary developing countries under Title V of such Act certain countries which are members of the Organization of Petroleum Exporting Countries.

Amends the Trade Act of 1974 to authorize the President to waive prohibitions against the designation of a nation (1) which is a member of OPEC, (2) which is a party to an international arrangement to raise prices to unreasonable levels, or (3) which participates in an international arrangement to withhold vital resources, as a beneficiary developing country for purposes of certain tariff preferences, if the President determines such waiver to be in the national economic interest. Prohibits such waiver if the country is participating, or has participated in such withholding.