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Secondly, there is the question of what is called the American selling price (A.S.P.) system of valuation, under which a range of chemicals attracts duty in the United States, not on the normal basis of export value, but on the basis of the value of sales of corresponding products in the domestic market. The fulfilment of the full Kennedy Round Agreement on chemicals depends on implementation by the United States of her undertaking to abolish this system of valuation. I wish strongly to urge that the new Administration should use all its influence to persuade Congress to enact the necessary legislation. It seems to us very important in the context of economic collaboration between the U.S.A. and the various countries of Europe that the Kennedy Round Agreement on chemicals should be fully implemented.
We shall be very ready to discuss these matters more fully with the Administration, but I should welcome any information that the President can give me now as to his attitude towards them, and his assurance that their importance to the future of the trade policies we both support is recognised.
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