PUBLIC LAW 106-113—APPENDIX G 113 STAT. 1501A-501 (7) Unilateral efforts by the United States to prohibit offsets may be impractical in the current era of globalization and would severely hinder the competitiveness of the United States defense industry in the global market. (8) The development of global standards to manage and restrict demands for offsets would enhance United States efforts to mitigate the negative impact of offsets. (b) DECLARATION OF POLICY.— It is the poHcy of the United States to monitor the use of offsets in international defense trade, to promote fairness in such trade, and to ensure that foreign participation in the production of United States weapons systems does not harm the economy of the United States. SEC. 1243. DEFINITIONS. In this subtitle: (1) APPROPRIATE CONGRESSIONAL COMMITTEES.—The term "appropriate congressional committees" means— (A) the Committee on Foreign Relations of the Senate; and (B) the Committee on International Relations of the House of Representatives. (2) G-8. —The term "G-8" means the group consisting of France, Germany, Japan, the United Kingdom, the United States, Canada, Italy, and Russia established to facilitate economic cooperation among the eight major economic powers. (3) OFFSET. —The term "offset" means the entire range of industrial and commercial benefits provided to foreign governments as an inducement or condition to purchase military goods or services, including benefits such as coproduction, licensed production, subcontracting, technology transfer, incountry procurement, marketing and financial assistance, and joint ventures. (4) TRANSATLANTIC ECONOMIC PARTNERSHIP.—The term "Transatlantic Economic Partnership" means the joint commitment made by the United States and the European Union to reinforce their close relationship through an initiative involving the intensification and extension of multilateral and bilateral cooperation and common actions in the areas of trade and investment. (5) WASSENAAR ARRANGEMENT. —The; term "Wassenaar Arrangement" means the multilateral export control regime
- in which the United States participates that seeks to promote
transparency and responsibility with regard to transfers of conventional armaments and sensitive dual-use items. (6) WORLD TRADE ORGANIZATION. — The term "World Trade
- Organization" means the organization established pursuant to
the WTO Agreement. (7) WTO AGREEMENT.— The term "WTO Agreement" means the Agreement Establishing the World Trade Organization entered into on April 15, 1994. SEC. 1244. SENSE OF CONGRESS. It is the sense of Congress that— (1) the executive branch should purs\ie efforts to address trade fairness by establishing reasonable, business-friendly standards for the use of offsets in international business transactions between the United States and its trading partners and competitors;
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