A bill to amend the Trade Act of 1974 in order to authorize the President to designate any of certain countries as eligible for the tariff preferences extended to developing countries under title V of such act if the President determines that such designation is in the national economic interest.

Authorizes the President to designate any country eligible for the tariff perferences extended to developing countries under the Trade Act of 1974 if the President determines that such designation is in the national economic interest. Requires the President to report such determination to the Congress, together with reasons therefor. States that countries which withhold vital commodities from international trade are ineligible for such a determination.