Category: Press Releases and Statements
NFTC Highlights Need for Compliance with International Agreements Following COOL Ruling
Washington DC – Today, following the World Trade Organization’s (WTO) final ruling finding the United States in non-compliance on country-of-origin labeling (COOL), the National Foreign Trade Council (NFTC) highlighted the importance of complying with international obligations.
“NFTC has long advocated for an open, rules-based global trading system, but such a system will only succeed if all participating countries meet their obligations,” said NFTC President Bill Reinsch. “In today’s global marketplace, it is increasingly important that the United States remain committed to our international agreements and adhere to the rules and regulations within each agreement.”
Today’s decision marks the third time the WTO has found the U.S. mandatory COOL rule in violation of U.S. trade obligations, stressing the importance of a needed fix.
“Without addressing the WTO’s concerns with our COOL rule, the United States risks retaliatory measures from key trading partners, such as Canada and Mexico – measures that only hamper U.S. competitiveness,” continued Reinsch. “We urge the House and Senate to act quickly on legislation regarding bringing the U.S. COOL rule into compliance with our trade obligations.”
Last Thursday, as a member of the COOL Reform Coalition, NFTC signed a letter to all members of the Senate, urging “compliance of COOL with our international trade obligations.” The full letter can be found here.
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 Sen. Hatch for Urging IRS to Halt Use of Private Contractors to Investigate Taxpayers
Washington DC – Today National Foreign Trade Council (NFTC) Vice President for Tax Policy Cathy Schultz applauded Senate Finance Committee Chairman Orrin Hatch (R-UT) for expressing concern to the Commissioner of the Internal Revenue Service (IRS) over the agency’s issuance of temporary regulations and its use of private contactors to investigate a corporate taxpayer.
In a letter sent to Commissioner Koskinen on Wednesday, Senator Hatch detailed his concerns about recent IRS practices, including hiring a private law firm to aid in investigating a corporate taxpayer and conducting sworn interviews as part of that investigation. Senator Hatch also expressed concern about the IRS and Treasury Department issuing a temporary regulation allowing private contractors to conduct taxpayer investigations after the IRS had already hired the law firm.
“We applaud Senator Hatch for his diligent oversight of the IRS within his capacity as Chairman of the Senate Finance Committee, which has jurisdiction over the agency,” said NFTC Vice President for Tax Policy Cathy Schultz. “With its recent actions, the IRS is setting a bad precedent for the investigation of taxpayers, including exceeding the limits of the agency’s statutory authority and raising red flags about the protection of confidential taxpayer information and the government’s stewardship of taxpayer dollars in hiring third party contractors.”
Among the concerns outlined in the Senator’s letter were that the hiring of outside contractors to conduct an investigation of a taxpayer “1) appears to violate federal law and the express will of the Congress; 2) removes taxpayer protections by allowing the performance of inherently governmental functions by private contractors; and 3) calls into question the IRS’s use of its limited resources.”
Abot the NFTC
Serving America’s Global Businesses Since 1914! Details at www.nftc.org 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 Senate Votes on TPA, TAA and Trade Preference Programs
Washington DC – Today, National Foreign Trade Council (NFTC) President Bill Reinsch commended members of the Senate for passing a motion to proceed to debate on the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015). Reinsch also applauded Senators for approving legislation to extend Trade Adjustment Assistance (TAA), the African Growth and Opportunity Act (AGOA), the Generalized System of Preferences (GSP) and the preferential duty treatment program for Haiti.
“Today’s action in the Senate paves the way for robust debate on the TPA-2015 bill, legislation which will help U.S. negotiators secure trade agreements that contribute to U.S. economic growth and support American jobs. This step forward builds momentum toward floor votes on the TPA legislation in both the Senate and the House.
“In addition to moving the ball forward on TPA, we also welcome the Senate’s approval of legislation to extend TAA and critical preference programs – AGOA, GSP and the preferential duty treatment program for Haiti.
“All of the trade measures considered today are vital components of a comprehensive U.S. trade agenda, and we commend the Senate for taking action in the best interest of American employers, exporters and workers.”
About NFTC
Serving America’s Global Businesses Since 1914! Details at www.nftc.org 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:
Reinsch: Senate Finance Approval of TPA Builds Momentum for Advancing Trade Agenda (Full Senate Passage Needed of TPA, TAA, AGOA, GSP and Preferential Duty Treatment Program for Haiti Legislation)
Washington, DC – Today, the National Foreign Trade Council (NFTC) applauded the Senate Finance Committee’s approval of bipartisan legislation to renew Trade Promotion Authority (TPA) – the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 – and called on the full Senate to pass the legislation without delay.
“Today’s Senate Finance Committee approval of TPA legislation builds momentum for advancing the U.S. trade agenda, as TPA is a critical tool for negotiating and implementing trade agreements that benefit American exporters and workers,” said NFTC President Bill Reinsch. “With several trade negotiations already underway, including the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership, TPA is an essential tool for Congress to exercise its Constitutional authority on trade policy and give the President negotiating instructions.”
NFTC also commended the Committee’s passage of legislation to extend Trade Adjustment Assistance (TAA) and a bill to extend the African Growth and Opportunity Act (AGOA), the Generalized System of Preferences (GSP), the preferential duty treatment program for Haiti, and for other purposes.
“Renewing TPA and extending TAA, AGOA, GSP and the preferential duty treatment program for Haiti is fundamental to maintaining the United States’ leadership role in the global rules-based trading system,” continued Reinsch. “We urge the House Ways and Means Committee to favorably report out the TPA bill tomorrow to pave the way for full House and Senate floor action as soon as possible.”
About NFTC
Serving America’s Global Businesses Since 1914! Details at www.nftc.org 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 Urges Full Congress to Act on TPA, TAA and Trade Preference Programs Without Delay (House Ways and Means Approval of Important Trade Legislation Paves Way for Consideration by Full House and Senate)
Washington, D.C. – Today, National Foreign Trade Council (NFTC) President Bill Reinsch issued a statement commending members of the House Ways and Means Committee for approving legislation to renew Trade Promotion Authority (TPA), as well as legislation to extend Trade Adjustment Assistance (TAA), the African Growth and Opportunity Act (AGOA), the Generalized System of Preferences (GSP) and the preferential duty treatment program for Haiti.
“We applaud the House Ways and Means Committee for taking action today on TPA, which provides congressional negotiating objects for the Administration as it continues work on our robust trade agenda and trade agreements that will contribute to U.S. economic growth and jobs.
“With yesterday’s Senate Finance Committee approval, today’s House Ways and Means Committee approval of the bill is welcome news for U.S. businesses and workers, as it signals continued forward movement toward getting the legislation on the President’s desk.
“We also commend the Committee for its approval of legislation extending TAA, AGOA, GSP and the preferential duty treatment program for Haiti – programs that are critical components of U.S. trade policy.
“As the Administration continues negotiating trade agreements that will benefit Americans in all 50 states, Congress must seize the opportunity guaranteed by the Constitution to influence agreements through TPA. We urge the full Senate and House to pass this legislation without delay.”
About NFTC
Serving America’s Global Businesses Since 1914! Details at www.nftc.org 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:
Serving America’s Global Businesses Since 1914! Details at www.nftc.org 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 Welcomes Bipartisan Introduction of TPA Legislation
Washington DC – Today, National Foreign Trade Council (NFTC) President Bill Reinsch issued the following statement welcoming the bipartisan introduction of Trade Promotion Authority (TPA) legislation by Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR), and House Ways and Means Committee Chairman Paul Ryan (R-WI).
“We applaud Senators Hatch and Wyden and Representative Ryan for their leadership and efforts to draft and introduce this much-anticipated TPA bill.
“Today’s bill introduction is a crucial step toward ensuring the United States has the tools needed to negotiate and complete international trade agreements that benefit the U.S. economy and American exporters and workers.
“As the United States pushes forward on its robust trade agenda, which includes a suite of trade agreements, including the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership, among others, TPA provides the framework for Congress and the Administration to work together to shape and maximize the benefits of current and future trade agreements – benefits that support economic growth and jobs in all 50 states.
“We urge Congress to pass TPA legislation as soon as possible this year.”
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About NFTC
NFTC is Celebrating our New Century in 2014! Details at www.nftc.org 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:
U.S. Removal of Cuba from State Sponsors of Terrorism Is a Step Forward
Embargo Still Stands in the Way
Washington, DC – Today, USA*Engage and the National Foreign Trade Council (NFTC) commended the Obama Administration’s decision to remove Cuba from the U.S. State Sponsors of Terrorism list.
“We welcome the Administration’s decision to remove Cuba from the U.S. list of state sponsors of terrorism as a positive step toward normalizing U.S. relations with Cuba,” said Jake Colvin, Vice President, Global Trade Issues, NFTC. “As we move closer to a more open, commercial relationship with Cuba, American businesses and consumers, as well as the Cuban people, are realizing new opportunities that will benefit both economies. The latest example is Airbnb’s entry into Cuba.”
“On the heels of the bilateral meeting Presidents Obama and Castro held on the sidelines of the Summit of the Americas, today’s announcement is an encouraging sign of the Administration’s commitment to modernize U.S.-Cuba policy,” said Richard Sawaya, Vice President, USA*Engage. “But this is just one step. The embargo has long stood in the way of what would be a mutually beneficial relationship for both the United States and Cuba. Lifting the embargo is not only long over due, but crucial to restarting the U.S.-Cuba relationship as one made for the 21st century.”
In a recent blog post, Sawaya lays out the arguments for lifting the embargo against Cuba, which USA*Engage and NFTC have long advocated.
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
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 Facebook and Twitter.
Global Innovation Forum Welcomes the Launch of New Startup Global Initiative
NFTC Statement on Airbnb Entering the Cuban Marketplace
Washington DC – National Foreign Trade Council (NFTC) Vice President for Global Trade Issues Jake Colvin released the following statement in response to today’s news that Airbnb will enter the Cuban marketplace:
“Today’s announcement will encourage people-to-people exchanges between Cubans and Americans, help meet soaring demand for rooms, and support and further encourage entrepreneurship and private enterprise in Cuba.
“Airbnb’s entry into Cuba is a prime example of the mutual benefit to Cubans and Americans that can come from relaxing U.S. sanctions.
“Their entry provides a high-profile, global technology platform to highlight and support a long history of hospitality and entrepreneurship by Cuban citizens through Casa Particulares. Casa Particulares date back to the late 1990s in Cuba, when government officials began letting private citizens rent out their rooms.
“We applaud Airbnb for its leadership in supporting American travelers and Cuban entrepreneurs.”
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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:
