Generalized System of Preferences Renewal Act of 1984

(Reported to Senate from the Committee on Finance with amendment, S. Rept. 98-485)

Generalized System of Preferences Renewal Act of 1984 - Amends the Trade Act of 1974 to extend the generalized system of preferences until January 3, 1995.

Directs the President, in determining whether to provide duty-free treatment for an eligible article from a beneficiary developing country, to consider the extent of the beneficiary developing country's competitiveness with respect to eligible articles.

Prohibits the President from designating a country as a beneficiary developing country if such country has nationalized or has taken other steps which in effect nationalize U.S. owned property, including patents, trademarks, or copyrights.

Directs the President, in determining whether to designate a country a beneficiary developing country, to consider: (1) the extent to which such country is providing the means for foreign nationals to exercise exclusive rights in intellectual property, including patent, trademark, and copyright rights; and (2) the extent to which such country has taken action to reduce trade distorting investment practices and policies.

Prohibits the President from designating as eligible articles for purposes of the Generalized System of Preferences certain footwear, handbags, luggage, flat goods, work gloves, and leather wearing apparel.

Directs the President to report to the Congress by January 4, 1988, on the application of the Generalized System of Preferences, with particular emphasis on: (1) the extent to which beneficiary developing countries have assured equitable and reasonable access to the markets and basic commodity resources of such countries, provided protection for rights in intellectual property, and taken action to reduce trade-distorting investment practices and policies; (2) the actions taken by the President to limit the application of duty-free treatment with respect to any country which has failed to provide the United States with market access.

Prohibits treating a country as a beneficiary developing country with respect to any article if the amount of exports of such article by such country to the United States exceeds a certain quantity or value. Declares that such prohibition shall not apply if a like or competitive article is not produced in the United States on January 3, 1985. Authorizes the President to disregard such prohibition if the appraised value of the total U.S. imports of such article does not exceed a specified amount.

Directs the President to review the eligible articles in the generalized system of preferences by January 4, 1987. Provides for changing the tariff treatment of beneficiary developing countries which the President determines to have demonstrated a sufficient degree of competitiveness.

Authorizes the President, after January 4, 1987, to waive the removal of tariff preferences with respect to an eligible article of a beneficiary developing country if the President: (1) receives the advice of the International Trade Commission on whether any U.S. industry is likely to be adversely affected by such waiver; (2) determines that such waiver is in the national economic interest of the United States; and (3) publishes such determination in the Federal Register. Lists factors to be considered in deciding whether to grant such a waiver.

Permits redesignating a country as a beneficiary developing country under certain conditions.

Declares that the competitive need limit on treatment as a beneficiary country shall not apply to least developed beneficiary developing countries. Requires the President to determine which countries are least developed beneficiary developing countries by July 4, 1985 and to notify Congress at least 60 days before any such determination becomes final.