NFTC Welcomes U.S. Announcement of International Services Agreement Negotiations
Washington DC– The National Foreign Trade Council (NFTC) today welcomed an announcement by the Office of the U.S. Trade Representative (USTR) of the Administration's intent to begin negotiating an international services agreement (ISA) with 20 other nations.
"We welcome today's announcement and applaud the Administration's pursuit of an agreement that will help to maximize the competitiveness of U.S. services companies and support U.S. job creation," said NFTC President Bill Reinsch. "With services industries accounting for four out of five American jobs and nearly 70 percent of U.S. GDP, expanding services trade through an ISA is central to U.S. economic growth. We commend the Administration for making this important agreement a priority early in the New Year."
According to USTR, the United States is the world's largest services exporter – with exports accounting for about $1.7 trillion annually. In addition, every $1 billion in U.S. services exports supports an estimated 4,200 U.S. jobs. With an international services agreement in place to expand market access and break down barriers to trade, U.S. services exports are expected to continue to grow, benefitting U.S. companies and the thousands of Americans they employ.
Advancing Global Commerce for Nearly A Century- The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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