Category: Press Releases and Statements

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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Reinsch Responds to WTO Ruling on COOL Retaliation

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Washington DC – Today, National Foreign Trade Council (NFTC) President Bill Reinsch issued the following statement in response to the World Trade Organization (WTO) announcement that Mexico and Canada may impose $1 billion of combined retaliatory tariffs on imported U.S. products as a result of U.S. country-of-origin labeling (COOL) rules. 

“This decision by the WTO arbitrator is a vivid reminder of the costs of not complying with our international obligations. We have had literally years to fix this problem and have not done so, and now we face a billion dollar penalty. The House has acted responsibly by repealing the offending provision, and it is now time for the Senate to do the same thing without delay.” 

The NFTC is a member of the COOL Reform Coalition, which advocates for U.S. compliance with WTO obligations.

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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’s Tax Expert on BEPS: U.S. Business Concerns Remain Unresolved

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Washington DC – Today, in testimony before the House Ways and Means Tax Policy Subcommittee, National Foreign Trade Council (NFTC) Vice President for Tax Policy Catherine Schultz discussed the G-20 and OECD report on the Base-Erosion and Profit Shifting (BEPS) project.

Schultz highlighted key U.S. business community concerns related to the BEPS project, which remain unresolved:

 

“While the final BEPS report has been issued and endorsed by the G-20, the work is not complete. There are many issues that must still be dealt with in 2016 and the years ahead. Open items include work on implementing the tax treaty recommendations to date through the multilateral instrument, work on achieving consensus on the attribution of profits to Permanent Establishments (PEs), work on achieving a consensus on how to apply profit splits where appropriate, the implementation of rules on hard-to-value-intangibles, and the implementation of rules on the treatment of headquarter activities and other low-value adding services. …
 
“The NFTC is concerned about the general aggressive global tax enforcement environment. The BEPS report Action 11 analyzed base erosion and estimated how much is lost worldwide to aggressive tax planning. Interestingly, this analysis was not done prior to the start of the BEPS project, but only at the very end. If it was an objective concern, and not a political project, the amount of base erosion would have been examined at the outset of the project, not at the very end of it.”
In her testimony, Schultz also touched on the need for U.S. tax reform, stating:
“The NFTC believes the current U.S. tax law is outdated and must be modernized by enacting tax reform that reduces the U.S. corporate income tax to be more in line with our trading partners and adopts a competitive territorial tax system that does not disadvantage U.S. businesses competing in foreign markets. Competitive U.S. tax reform would address many of the concerns raised in the BEPS project.”

The full testimony can be found here.

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About the NFTC
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 Release of TPP Text

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Washington DC – Today, National Foreign Trade Council (NFTC) President Bill Reinsch issued the following statement on the release of the text of the Trans-Pacific Partnership (TPP) agreement.

“We welcome the release of the TPP agreement – an agreement with vast potential to expand U.S. trade and investment opportunities for American exporters and workers with the Asia-Pacific region.

“We look forward to reviewing the details of the text released today to evaluate the many benefits we hope the agreement will yield.

“The NFTC applauds Ambassador Froman and his team for working tirelessly with their counterparts from the 11 other TPP countries to reach an agreement and to release the text in a timely manner.”

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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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