Maritime Bulk Trade Act of 1979

[AI summary unavailable — showing source text] Maritime Bulk Trade Act of 1979 - Directs the Secretary of State, in consultation with the Secretary of Commerce and the Special Representative for Trade Negotiations, to immediately negotiate a Governing International Maritime Agreement with each nation whom the United States engaged in the trading of bulk commodities in 1979 where such trade equaled at least five percent of United States bulk trade in that year. Directs the Secretary to negotiate such agreements with any other nation at the request of that nation. Stipulates that each such agreement shall contain the following provisions: (1) each nation reserves to its national flag merchant marine the right to participate in their reciprocal bulk commodity trades to the extent of 40 percent of such trade; (2) nonnational flagships shall be limited to a maximum of 20 percent of such trade; (3) procedures shall be set forth to insure that the national flagships share equally in the trade reserved to such ships; (4) each nation may grant waivers to permit nonnational carriers to carry more than 20 percent of the bulk commodity trade for a period of ten years after the execution of an agreement provided that the national flagships …