Category: Press Releases and Statements
NFTC Welcomes Launch of TTIP Negotiations
Washington DC – The National Foreign Trade Council (NFTC) today welcomed the launch of the first round of Transatlantic Trade and Investment Partnership (TTIP) negotiations between the United States and European Union this week in Washington, DC.
NFTC President Bill Reinsch released the following statement:
“With the U.S.-EU trade negotiations officially underway, we are one step closer to further expanding and strengthening a very important economic relationship and establishing an agreement that would boost economic growth, create American jobs and increase exports.
“There is much work to be done, and we are hopeful that significant progress will be made this week. We urge negotiators on both sides of the table to remain committed to an ambitious and comprehensive agreement.”
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About the NFTC
Advancing Global Commerce for Nearly A Century- 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 Joins With Industry Leaders, Chambers, Associations and Businesses in Supporting Full Passage of S. 744, the Border Security, Economic Opportunity, and Immigration Modernization Act
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NFTC Releases Draft Trade Promotion Authority Act of 2013
In April the NFTC released its draft bill, Trade Promotion Authority Act of 2013, developed to initiate and facilitate debate over the objectives of future trade agreements and ensuring an efficient “fast track” process for Congressional consideration of implementing legislation. This draft legislative text is an updated version of the NFTC’s draft Trade Negotiating Authority Act of 2009. Click here to read more and to view the full text and summary of the bill, as well as a list list of major changes from the 2002 law. Moving Beyond Currency Manipulation in U.S.-China Trade Relations (Originally published by The Fletcher Forum of World Affairs at fletcherforum.org) China has long been accused—this year’s presidential campaign not withstanding—of currency manipulation–keeping the value of the Chinese Renminbi (RMB) artificially low in order to stimulate exports and discourage imports. One result of this policy has been China’s high current account surplus with countries such as the United States and the European Union, which leads to considerable political anxiety.
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NFTC Statement on National Action Plan on Preventing the Misuse of Companies and Legal Arrangements
Washington DC – The National Foreign Trade Council (NFTC) released the following statement on the release of the National Action Plan on Preventing the Misuse of Companies and Legal Arrangements during today’s G-8 meeting.
“The National Action Plan on Preventing the Misuse of Companies and Legal Arrangements agreed to today during the G-8 meeting in Ireland says that the United States is committed to advocating for comprehensive legislation to require the disclosure of beneficial ownership information.
“The NFTC believes that these tax legislative changes cannot happen outside of the context of comprehensive tax reform. Reforming the antiquated U.S. tax code is the only way to enact most of the legislative initiatives included in the National Action Plan.
“NFTC members believe any legislative changes should promote international tax rules that are stable, predictable, nondiscriminatory and administrable. We welcome working with the Administration to enact comprehensive tax reform.”
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About the NFTC
Advancing Global Commerce for Nearly A Century- 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 Launch of Transatlantic Trade and Investment Partnership
Washington DC – The National Foreign Trade Council (NFTC) today welcomed the announcement by President Obama, European Commission President Barroso and European Council President Van Rompuy that the United States and the European Union will be launching negotiations on a Transatlantic Trade and Investment Partnership (TTIP) agreement.
The NFTC released the following statement:
“We welcome today’s announcement that trade negotiations between the United States and European Union will launch in July. The U.S.-EU relationship is an important one, and establishing a TTIP agreement will only further expand market access, grow the U.S. economy, increase exports and create American jobs.
“We look forward to a successful conclusion to the negotiations, and encourage negotiators to continue to work toward an ambitious and comprehensive agreement.”
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About the NFTC
Advancing Global Commerce for Nearly A Century- 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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Manufacturing, Business, Trade and Citizen Groups Urge Congress to Oppose Protectionist Legislation
NFTC, Other Leading Business Groups Urge President to Support Tax Policies at G-8 Meeting that Promote U.S. Competitiveness
Washington DC– The National Foreign Trade Council (NFTC) joined with other leading business organizations today in sending a letter to President Obama urging him to support tax policies in his discussions at the upcoming G-8 meeting that would improve the worldwide competitiveness of American businesses, increase economic growth and provide for sustained job creation.
The groups wrote:
“… Other countries around the world are promoting the international competitiveness of their companies and creating jobs by adopting modern tax laws that enhance the ability of their locally-headquartered companies to serve foreign markets. At the same time, however, recent tax initiatives in a number of foreign countries, including several of our G-8 partners, appear to be primarily targeting American companies with global operations in the guise of combating tax avoidance, potentially harming both the U.S. companies’ competitive position and the U.S. Treasury. Similar discussions are now proceeding at European Commission and OECD levels as well, revisiting the current international tax consensus and prompting much interest from large emerging economies also seeking additional tax revenues from foreign businesses.
“Any changes that discriminate against American companies doing business abroad would make it more difficult for them to compete in the world’s markets and hamper their ability to grow and add jobs in the United States. It is vital to the health of the U.S. economy that American businesses remain free of international double taxation and similar barriers to cross-border trade and investment and are not subjected to new tax rules and policies that would create new disadvantages. Therefore, it is imperative that the current international tax policy discussions focus on promoting international tax rules that are stable, predictable, nondiscriminatory, and administrable. The rules should not include onerous public disclosure requirements, but should instead focus on possible improvements to transparency with tax authorities where appropriate. They should aim to develop best practices and principled international tax policies that apply equally to all companies. A growth-focused approach that ensures a level playing field is essential.”
In addition to the NFTC, the letter was signed by Business Roundtable, Financial Executives International, Information Technology Industry Council, National Association of Manufacturers, Software Finance & Tax Executives Council, TechAmerica, U.S. Chamber of Commerce and United States Council on International Business.
To read the full letter, click here.
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About the NFTC
Advancing Global Commerce for Nearly A Century- 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 Urges Senators to Support Bipartisan Sugar Reform Amendment to 2013 Farm Bill
Washington DC – National Foreign Trade Council (NFTC) President Bill Reinsch today sent a letter to all Senators, urging them to support Senate Amendment 925 to the 2013 Farm Bill, which was introduced by Senators Jeanne Shaheen (D-NH), Pat Toomey (R-PA), Mark Kirk (R-IL) and 15 other cosponsors.
Reinsch wrote:
“… This bipartisan amendment is aimed at making modest reforms to federal sugar policy that would reduce food costs to every American family as well as stop the distortions of U.S. trade policy caused by the sugar program. These reforms would help to save consumers and businesses up to $3.5 billion every year and protect hundreds of thousands of American jobs in sugar-using industries.
“One of the most significant side effects of the sugar program has been its distorting impact on U.S. trade policy. Maintaining import protections on sugar forces U.S. negotiators to make concessions elsewhere, which means sacrificing export potential for other crops and weakening the position of the United States in nonagricultural areas in negotiations ranging from the Trans-Pacific Partnership to WTO rounds.
“The sugar program has had the effect of increasing domestic sugar prices over the past four years, which have ranged from 64 to 92 percent higher than the average world price. The artificially high prices have greatly affected consumers as well as food and beverage manufacturers in the United States, which must deal with a reduced global competitiveness, less investment, lower sales, and most importantly fewer employment opportunities.
“…The National Foreign Trade Council fully endorses the Shaheen-Toomey-Kirk amendment, which will lower prices for consumers, provide support for a whole host of producers who use sugar, and save taxpayers millions of dollars.”
To read the full letter, click letter
About the NFTC
Advancing Global Commerce for Nearly A Century- 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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