A bill to amend the Foreign Assistance Act of 1961 to expand American exports by utilizing foreign currencies owned by the United States to pay foreign import duties on such exports.

[AI summary unavailable — showing source text] Authorizes the President to negotiate and carry out agreements with any foreign country in which the United States owns foreign currencies to use such foreign currencies: (1) to pay duties imposed by such foreign country on the importation of commodities manufactured or grown in the United States and its possessions as an official Government obliation; and (2) to pay local costs incurred by any United States private enterprise under any personal service contract for the performance of services in such foreign country as anofficial Government obligation. Authorizes the President, in any case in which a foreign country agrees to relieve the United States from liability to pay any amount otherwise payable under an agreement entered into under this Act, to grant such country a credit, in an amount specified, against any debt owed by such foreign country to the United States, excluding specified types of debt. Sets forth the form for such agreements. Directs that no such agreements be entered into after June 30, 1978.…