Category: Press Releases and Statements

NFTC Welcomes Launch of Americas Partnership for Economic Prosperity

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WASHINGTON D.C. – In response to the launch of the Americas Partnership for Economic Prosperity in Los Angeles today, National Foreign Trade Council (NFTC) President Jake Colvin released the following statement:

“The America’s Partnership for Economic Prosperity is an opportunity for the United States to build on its already-strong network of close trade relationships throughout the Western Hemisphere.

“The United States and its economic partners in the region have a chance to hit the ground running, using existing agreements with countries in the region as well as improvements made to the U.S.-Canada-Mexico Trade Agreement (USMCA) as a starting point for deeper economic integration and concrete commitments in areas like customs and trade facilitation and digital trade.

“We look forward to working with the Biden Administration and our partners in the region to ensure this framework delivers commercially-meaningful outcomes that address inflation, improve supply chains and create a more inclusive and sustainable economy across our hemisphere.”

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About NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.

NFTC Calls for Concrete and Commercially Meaningful Outcomes from IPEF

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WASHINGTON D.C. – In response to the launch of discussions towards an Indo-Pacific Economic Framework (IPEF), NFTC President Jake Colvin released the following statement:

“It’s important to see the United States taking a leadership role in the region, and today’s launch of the Indo-Pacific Economic Framework is a significant signaling exercise at a time of historic economic and geopolitical challenges.

“While it’s not a comprehensive trade deal, the potential for real economic gains exists if the economies choose to seize it.

“In particular, IPEF’s trade dialogue presents a unique opportunity to offer a different path on digital issues than the one that countries like China and Russia are following. There’s also a real chance to think outside the box to support regulatory dialogues on new issues like frontier technologies; the use of digital tools to facilitate access to renewable energy markets; and more inclusive participation in the regional economy.

“IPEF is also a chance to align on ambitious supply chain commitments that could ease customs bottlenecks in the region and facilitate global trade.

“The business community looks forward to working with the Administration and other stakeholders to shape concrete and commercially-meaningful outcomes in a timely manner.”

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About NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.

NFTC Welcomes Continued Transatlantic Engagement

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WASHINGTON D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today released the following statement following the conclusion of the second meeting of the U.S.-EU Trade and Technology Council (TTC):

“Faced with economic and security challenges around the world, it’s never been more important for the United States to develop closer trade ties with our partners in Europe.

“The recent TTC meetings provide a solid foundation to advance shared transatlantic trade priorities. In particular, we welcome efforts to enhance cooperation on export controls and critical infrastructure, next steps to help small businesses leverage digital tools, and work to promote sustainable and resilient supply chains.

“These developments hint at the potential for the United States and Europe to utilize trade tools to reduce supply chain bottlenecks, enhance national security, address shared environmental and labor priorities, and create a more inclusive transatlantic marketplace.

“NFTC looks forward to working with USTR, the Commerce Department and the European Union to realize commercially-meaningful outcomes from the TTC’s work.”

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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 100 member companies through its office in Washington D.C

NFTC Statement on Tariffs and Inflation

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WASHINGTON D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today released the following statement:

“We welcome the Administration’s initiative to take a fresh look at the costs of U.S. tariff policy on American businesses and consumers, including their contributions to inflation and supply chain challenges.

“The Biden Administration has an opportunity to lift tariffs on imports from China and other countries around the world that are doing nothing more than stoking inflation and harming American businesses and workers.

“President Biden’s comments that his Administration is reassessing U.S. tariffs on Chinese goods, combined with yesterday’s announcement that the United States will temporarily lift tariffs on Ukrainian steel as part of efforts to support the Ukrainian economy during Russia’s invasion, are steps in the right direction.

“We encourage the Administration to eliminate tariffs on Chinese imports and take a more strategic approach to dealing with China’s trade challenges, as well as to consider lifting permanently the remaining metals tariffs inherited from the previous Administration, not only on Ukraine but on all U.S. allies.”

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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 100 member companies through its office in Washington D.C

NFTC Foundation Recognizes Dr. Ngozi Okonjo-Iweala, Senator Pat Toomey, Peter Harrell

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WASHINGTON D.C. – Last night, the National Foreign Trade Council (NFTC) Foundation hosted its annual World Trade Dinner and Awards Ceremony in-person after a two-year hiatus.This year, NFTC honored Dr. Ngozi Okonjo-Iweala and Senator Pat Toomey and featured remarks by Peter Harrell, Senior Director for International Economics and Competitiveness, NSC.

Leslie Griffin, President of the NFTC Foundation and NFTC Board Chair Susan Schwab delivered opening remarks.

Dr. Okonjo-Iweala, this year’s World Trade Award recipient, was honored for her efforts to modernize the organization and her leadership of initiatives to improve trade facilitation and address supply chain challenges during the pandemic.

In accepting the award, Dr. Okonjo-Iweala stressed the importance of strengthening the multilateral trading system at a time of great international uncertainty, calling it a “public good.” She also emphasized the role of trade as a source of resilience, adding that “retreating from trade would make countries more, not less vulnerable.”

Senator Pat Toomey, this year’s International Tax Award recipient, was recognized for his steadfast support of an international taxation system that allows American companies to compete globally.

Accepting the award, Senator Toomey extolled the economic gains that followed passage of the Tax Cuts and Jobs Act (TCJA) which “made American companies and workers more competitive globally and our economy more dynamic” by reforming the corporate tax code “so that America would be a more attractive and competitive place to invest and grow a business.” He also stressed the importance of a globally competitive tax regime that drives economic growth and highlighted the role of trade “in driving economic growth, better choices and lower costs for consumers, and better jobs for workers.”

This year’s dinner also featured remarks by Peter Harrell on America’s role as a leader on digital trade. He emphasized U.S. efforts to advance a positive vision for an open, global internet, promote trusted digital technologies, and counter digital authoritarianism and protectionism.

In closing, NFTC President Jake Colvin reiterated the critical importance of U.S. leadership in the global economy, adding that “America has a unique opportunity to work with our allies to write the rules of the road for the 21st Century — and to do so in ways that will strengthen supply chains, tame inflation, address shared labor and environmental goals and enhance inclusive economic growth.”

The NFTC Foundation’s World Trade Dinner has become a valued tradition for guests including senior U.S. government officials, diplomats and top executives of critical global industries. This year’s dinner was held at the Planet Word Museum in Washington D.C.

High res images available 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 100 member companies through its office in Washington D.C.

NFTC Statement on U.S.-Chile Tax Treaty

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WASHINGTON D.C. – National Foreign Trade Council (NFTC) President Jake Colvin released the following statement after the Senate Foreign Relations Committee today voted to approve the U.S.-Chile Tax Treaty:

“Today’s approval by the Senate Foreign Relations Committee of the U.S.-Chile Tax Treaty is an important step forward to avoid double taxation and strengthen economic ties between our two countries. We commend Senators Menendez and Risch for their bipartisan efforts to get the Chile treaty over the finish line. We urge Majority Leader Schumer to move swiftly to carve out floor time for, and for all Senators to permit the expeditious consideration of, this vital treaty with a key U.S. economic partner in Latin America.”

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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 100 member companies through its office in Washington D.C

NFTC Statement on Digital Markets Act

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Washington D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today issued the following statement following the announcement that the EU Parliament and Council negotiators finalized the Digital Markets Act:

“We are concerned that the EU has decided to move forward with the Digital Markets Act (DMA) without addressing key concerns articulated by the Biden-Harris Administration and Congressional leaders. Regrettably, the DMA appears to continue to target U.S. companies and exempt EU, Russian, and Chinese rivals from scrutiny while jeopardizing common transatlantic approaches to due process and the protection of intellectual property, privacy, and security.

“At a time when the United States and Europe should be seeking every opportunity to strengthen transatlantic economic and geopolitical alliances in response to Russia’s invasion of Ukraine, efforts by Brussels to target American technology providers undermine private and public cooperation to advance free expression, counter disinformation and address growing cybersecurity threats.

“We urge the EU to work with the United States, including through the Trade and Technology Council, to ensure non-discriminatory policy frameworks and initiatives to enhance transatlantic security and growth and promote shared values.”

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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 100 member companies through its office in Washington D.C