Category: Press Releases and Statements

TPP Agreement Reached – A Milestone in Rules Governing Trade and Investment in the Asia-Pacific Region

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Washington DC – Today, the National Foreign Trade Council (NFTC) welcomed expected benefits to regional trade and investment from the conclusion of the Trans-Pacific Partnership (TPP) negotiations between the United States, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

“Through increased market access, the TPP we have supported has the potential to provide prospective long-term benefits that reach across the U.S. economy – from providing better jobs to increasing investment and economic growth. Through better rules and opening foreign markets further, an effective TPP agreement has the potential to improve the conditions for mutual trade and investment among countries accounting for 40 percent of world economic output,” said Bill Reinsch, President of NFTC. “We thank Ambassador Michael Froman and the team of negotiators for the years of strenuous effort to reach agreement, and we look forward to reviewing the text.”

“Given the range of economies involved and the subjects covered, followed by a strong Trans-Atlantic agreement, these agreements can transform the world trading system with wide-ranging benefits,” said Alan Wolff, NFTC Chairman.

“Through the TPP negotiations, the United States and other 11 member countries set out to define a model for trade in the 21st century, while also increasing global trade and investment in this important economic region,” said Chuck Dittrich, Vice President of Regional Trade Initiatives for NFTC. “We look forward to having the opportunity to examine the details of the completed deal in the coming weeks and providing our views on the specific provisions of the agreement during this process.”

 

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 Progress Made in TPP Talks, Urges Negotiators to Maintain High Level of Ambition

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Washington DC – Today, the National Foreign Trade Council (NFTC) welcomed progress made in the Trans-Pacific Partnership (TPP) negotiations between the United States, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

“We commend Ambassador Froman and his team of negotiators for continuing to make progress on this historic agreement. For the United States, the prospective long-term benefits of the TPP are numerous, from supporting jobs and economic growth to increasing investment,” said Bill Reinsch, President of NFTC. “With the potential to significantly expand U.S. trade and investment ties with the Asia-Pacific region, each step toward completing this agreement is a step in the right direction.”

The TPP aims to strengthen the U.S. trade relationship with six current free trade agreement (FTA) partners while opening new markets to five non-FTA partners. These 11 countries represent 15 percent of global trade.

“The TPP negotiations set out to build and strengthen trade relationships between the United States and the other 11 participating countries, while creating a new 21st century trade framework,” said Chuck Dittrich, Vice President of Regional Trade Initiatives for NFTC. “This is no easy task, but we are encouraged by the efforts of all the negotiators and trade ministers throughout this process. We urge negotiators to build on the momentum created by this latest ministerial meeting and maintain a high level of ambition to conclude the most comprehensive deal possible.”

 

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 Comments on Proposed Senate COOL Amendments

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Washington DC – Today, National Foreign Trade Council (NFTC) President Bill Reinsch applauded Senator Pat Roberts for proposing an amendment to the highway bill that would result in the complete repeal of mandatory Country of Origin Labeling (COOL) in the United States. 

“We applaud Senator Roberts for leading the way on COOL reform by proposing an amendment that would repeal the current U.S. rules and ensure the United States remains in compliance with its World Trade Organization (WTO) obligations,” said Reinsch. “The United States has a long history of compliance with WTO rulings and should continue to pursue this standard in order to set an example for other countries.” 

Reinsch also voiced his concern for the proposed Stabenow-Hoeven amendment, which would implement a voluntary COOL regime. 

“The voluntary COOL regime Senators Stabenow and Hoeven have proposed ultimately falls short in bringing the U.S. COOL requirements into compliance with our WTO obligations. And Mexico and Canada have already stated they will pursue retaliation if the United States were to pass the Stabenow-Hoeven amendment into law,” he said. “With Canada able to implement retaliation as early as August 16, it is of the utmost urgency for the United States to act swiftly to repeal COOL.”

 

 

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 Welcome Senate Appropriations Committee Approval of Cuba Amendments

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Washington DC–Today, the National Foreign Trade Council (NFTC) and USA*Engage welcomed Senate Appropriations Committee approval of a series of positive Cuba amendments.

“We applaud Senators Jerry Moran, Jon Tester and John Boozman for their leadership in sponsoring amendments that build on actions taken by the Administration to improve and strengthen U.S.-Cuba relations,” said Jake Colvin, NFTC Vice President for Global Trade Issues. “We also commend those senators who supported these amendments, which enable increased travel, trade and commerce between the two countries and the American and Cuban people – a priority we have long advocated.”

“Putting the relic of the unilateral U.S. embargo against Cuba behind us is in the strategic interests of both hemispheres, and today, we are pleased to see the Senate Appropriations Committee taking steps toward that ultimate goal,” said Richard Sawaya, Vice President of USA*Engage. “We will continue to work with members of Congress and the Administration to fully reestablish commercial and diplomatic relations with Cuba.”

The three amendments would 1) lift the travel ban to Cuba for one year; 2) end the requirement that ships having docked in Cuba wait 180 days before unloading in the United States; and 3) allow private financing of agricultural exports to Cuba.

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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