Category: Press Releases and Statements

NFTC Chairman Testifies Before ITC on Economic Effects of TPP

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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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NFTC, USA*Engage Urge House to Oppose Unilateral Iran Sanctions Bill

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Washington, DC – Today, in a letter to all members of the U.S. House of Representatives, National Foreign Trade Council (NFTC) President Bill Reinsch and USA*Engage Vice President Richard Sawaya urged policymakers to oppose H.R. 3662, the Iran Terror Financing Act. The two U.S. business community leaders wrote:

“Multi-lateral sanctions are a critical piece of the Joint Comprehensive Plan of Action (JCPOA) reached between Iran and all the permanent members of the U.N. Security Council. The JCPOA spells out a quid pro quo: Iran meets its commitments regarding its nuclear program and the multi-lateral sanctions will be largely rescinded. Under the JCPOA, U.S. primary and secondary sanctions targeting Iranian non-nuclear activity deemed a threat to national security will remain in force.

“… It is clear that many in Congress remain opposed to the JCPOA, despite the fact that legislative efforts to block it were unsuccessful. At this point, common sense would indicate that U.S. policy focus on verification of the JCPOA’s terms and conditions and Iran’s compliance with them. H.R. 3662, in fact, would move in the opposite direction.

“…USA*Engage and the NFTC urge Congress to honor a deal that is in fact a deal with clearly-articulated scope, limits and reciprocal responsibilities. The other members of the U.N. National Security Council will do so. If Iran chooses to renege, we and they have warrant to renege as well. We urge you to vote against HR 3662 and any other legislation designed to subvert the JCPOA.”

For the full text of the letter, click here.

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About USA*Engage
USA*Engage (www.usaengage.org) is a coalition of small and large businesses, agriculture groups and trade associations working to seek alternatives to the proliferation of unilateral U.S. foreign policy sanctions and to promote the benefits of U.S. engagement abroad. Established in 1997 and organized under the National Foreign Trade Council (www.nftc.org), USA*Engage leads a campaign to inform policymakers, opinion leaders, and the public about the counterproductive nature of unilateral sanctions, the importance of exports and overseas investment for American competitiveness and jobs, and the role of American companies in promoting human rights and democracy worldwide.

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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NFTC Responds to the President’s State of the Union Address

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Washington, DC – National Foreign Trade Council (NFTC) President Bill Reinsch issued the following statement in response to President Obama’s State of the Union address:

“Tonight, the President talked about the need to continue strengthening the U.S. economy and ensuring well-paying jobs for American workers. Keys to unlocking that economic potential are found in trade and a competitive corporate tax system.

“We applaud the President’s remarks on the Trans-Pacific Partnership (TPP) agreement. The NFTC believes firmly that the TPP is in our national interest – from generating economic growth to supporting jobs – and we call on the Administration and Congress to address remaining issues to ensure that the agreement provides the most benefits possible across the whole of the U.S. economy. The Asia-Pacific region is dynamic and ever-growing, and opportunities abound for the expansion of U.S. market access in the 11 other TPP economies.

“We also welcome the President’s call for ending the outdated embargo with Cuba.

“Finally, critical for sustained economic growth is a sound U.S. tax policy that doesn’t put U.S. businesses at a competitive disadvantage when compared to their counterparts around the world.

“In 2016, we look forward to working with the Administration and Congress to make meaningful progress on all of these fronts.”

 

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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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NFTC Statement on TPP Agreement

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Washington DC – The National Foreign Trade Council (NFTC) issued the following statement today on the Trans-Pacific Partnership (TPP) agreement.

“The National Foreign Trade Council supports the Trans-Pacific Partnership agreement because we believe it is in the United States’ national interest.

“We are encouraged by discussions that are underway between Congress and the Administration to address provisions in the agreement in order to further improve trade and investment liberalization, and strengthen the system of international trade and investment disciplines and procedures, including dispute settlement, for all of American business. Early resolution of areas for improvement identified by the business community will speed approval by Congress in 2016.

“It is imperative that TPP provide very high standards, comparable to those which business enjoys in the United States, so this agreement can serve as a strong foundation for other trade agreements going forward.

“The NFTC believes that the agreement can be a major step forward in establishing rules-based international trade and in opening foreign markets; enhancing economic growth for the United States, as well as for its Pacific Rim trading partners; providing major new market opportunities for goods, services and investment; reducing barriers to trade and investment; and providing disciplines over state-owned enterprises that compete with private companies.

“The NFTC believes this path will serve the interests of American workers, as well as businesses of every size in industry, services and agriculture.”
 

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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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NFTC Statement on 10th WTO Ministerial Conference in NairobI

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Washington DC– National Foreign Trade Council (NFTC) Vice President for Global Trade Issues Jake Colvin released the following statement today on the conclusion of the 10th Ministerial Conference of the World Trade Organization (WTO) in Nairobi, Kenya.

“The WTO appears to have done a couple of things to demonstrate its importance as a trade body today, but it’s disappointing that delegations could not shake off the Doha Round albatross completely.

“We applaud U.S. negotiators and their counterparts for successfully concluding an expansion of the WTO Information Technology Agreement (ITA) earlier in the week, which will provide a major boost to a global economy underpinned by the technologies it covers.

“The recent accession of Kazakhstan, progress on the Environmental Goods Agreement negotiations and the apparent agriculture deal in Nairobi are other steps forward for the trade body.

“Yet the ministerial also exposed serious uncertainties about the efficacy of the WTO’s negotiating function.

“In 2016, like minds must find new pathways to advance a timely and relevant agenda that responds to the realities of the 21st century global economy. The NFTC looks forward to contributing to that conversation.”

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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. Follow us on:

 

 

 

NFTC Applauds Oil Export, IMF Reform, COOL Provisions in Appropriations Bill

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Washington DC – National Foreign Trade Council (NFTC) President Bill Reinsch released the following statement today applauding House and Senate passage of the Consolidated Appropriations Act of 2016, an omnibus appropriations bill that includes provisions to lift the oil export ban, approve reforms to the International Monetary Fund (IMF) and repeal country-of-origin labeling (COOL) requirements for beef and pork.

“The spending bill approved today contains several provisions that are important to growing the economy and keeping America competitive in the global marketplace. Among them is the bipartisan agreement to repeal the ban on U.S. crude oil exports, a victory for open trade and geopolitical common sense.

“This bill also includes provisions to approve long overdue reforms to the IMF, which were agreed to five years ago on the international level. Today’s congressional action on these measures takes an important step toward rebalancing the IMF to include emerging economies and sends a critical signal to our international partners that the United States is prepared to meet its international obligations.

“Further, the repeal of COOL requirements is a wise decision by the U.S. Senate to comply with our international obligations. It not only demonstrates our nation’s commitment to a rules-based trading system, but also avoids costly retaliation from regional trade partners. Following years of inaction, we can finally put the dispute to rest and forge a more prosperous future for all of North 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 hundreds of member companies through its offices in Washington and New York.

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NFTC Welcomes Bilateral Agreement on ITA

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Washington DC – National Foreign Trade Council Vice President for Global Trade Issues Jake Colvin released the following statement today welcoming the U.S.-China bilateral agreement reached on the World Trade Organization (WTO) Information Technology Agreement (ITA).

“We commend U.S. Trade Representative Michael Froman and Minister of Commerce Gao Hucheng of China for reaching consensus on an agreement to move the ITA forward. Once complete, the ITA has the potential to eliminate an estimated $1 trillion in tariffs and improve the flow of information technology goods that underpin the participation of millions of innovators in the global economy.

“Completion of the ITA would mark a much-needed success for the WTO, and we hope that today’s positive step enables trade ministers to finalize negotiations during the Nairobi ministerial this week.”

 

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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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