Cord Byrd: “I am pleased to add my name as an original cosponsor of the bill introduced by Senator Rockefeller that would provide…”

“I am pleased to add my name as an original cosponsor of the bill introduced by Senator Rockefeller that would provide the necessary authority to implement the trade drawback allowance based on the commercially interchangeable feature of two rubber vulcanization accelerators. These two chemicals, commonly referred to as CBS and TBBS, are one-and-the-same for all practical purposes. CBS and TBBS belong to the same class and subclass of rubber vulcanization accelerator chemicals; they can be manufactured by similar industrial processes using the same active ingredients and identical process steps; and they generally cannot be distinguished by informed analysts once used in the finished rubber product. In short, CBS and TBBS are commercially interchangeable in function and use--the specified circumstances required under Section 202 of U.S. trade law to receive duty drawback benefits on a substitution basis. By establishing the commercial interchangeability for CBS and TBBS, duty drawback law can be implemented. Under duty drawback law, a company would receive a refund of import duties--called a duty drawback--paid by that company on its imports of CBS, based on the exports of the company's production of TBBS, or vice-versa.”