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NFTC Chairman Testifies Before ITC on Economic Effects of TPP
Date: 1/13/2016
Written By: Jennifer Cummings, The Fratelli Group for NFTC, (202) 822-9491

Washington DC – National Foreign Trade Council (NFTC) Chairman, Ambassador Alan Wolff, today delivered testimony before the U.S. International Trade Commission (ITC) on the “Probable Economic Effects of Entry into Force of the Trans-Pacific Partnership (TPP) Agreement.” Wolff detailed the specific benefits of the TPP and also outlined remaining areas of concern for the Administration to address to ensure the agreement provides the most benefits across the entire U.S. economy.

Ambassador Wolff stated:

“…TPP is essential as a foundation for American leadership not only in Asia, but in formulating with major partners improved conditions for world trade and investment through open markets and stronger rules. TPP shows a path forward in trade liberalization, in new rules for the digital economy and in new disciplines governing the participation of state-owned enterprises in commercial competition.

“… The importance of U.S. participation in the TPP cannot be overstated. The original twelve parties account for 40% of the world’s economic output. That they could reach agreement on a broad range of rules and trade liberalizing measures is an outstanding achievement. …TPP is a potential template for the future of the world trading system.

In addition, as Wolff noted, “While expressing our support for TPP, the NFTC looks forward to working actively with the Executive Branch and Congress to ensure that additional improvements are made to achieve more fully U.S. negotiating objectives.”

Regarding remaining issues for the Administration to address, Ambassador Wolff noted concerns about IP protection for biologics; maintaining strong protection of investor rights without product carve-outs that have the effect of denying due process; excluding coverage for financial services data from rules assuring the free flow of data across borders; addressing currency manipulation; and remaining areas for liberalization.

“The NFTC supports Congress and the Administration addressing the issues raised by the business community to achieve prompt approval of TPP in 2016,” said Wolff.

The NFTC has long been a proponent for the TPP. On December 22, 2015, the NFTC released a statement on the text of TPP agreement.

For the full testimony, click here.

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About the NFTC
Serving America's Global Businesses Since 1914 - 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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