Category: Press Releases and Statements

NFTC President Delivers Remarks on the Costs of Sanctions, U.S. Humanitarian Trade Policy

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Washington, DC –National Foreign Trade Council (NFTC) President Bill Reinsch delivered remarks yesterday on the costs of sanctions at a Georgetown University Law Center event themed, “The Evolution of Economic Sanctions: Increasingly Financial, Multilateral, and Robust.” During a panel discussion on “The Legal and Economic Impacts of Financial Sanctions on Targeted Activities and Affected Institutions,” Reinsch shared his views on the ineffectiveness of national, state and local sanctions and U.S. humanitarian trade policy.

Reinsch stated:

“In the case of Iran sanctions, for example, U.S. law and policy permit humanitarian trade – largely agricultural and medical items – pursuant to licenses granted by the Office of Foreign Assets Control (OFAC) at the Treasury Department. However, Iran’s largest banks are sanctioned by executive order without including a humanitarian exception. In turn, OFAC licenses expressly prohibit direct or indirect involvement of these banks. This has created enormous uncertainty in the exporting community and among banks. Companies that have those licenses find it difficult to obtain financing for their exports because banks find it easier to avoid all transactions with Iran rather than trying to distinguish between the ‘good’ ones and the ‘bad’ ones, even though the former are documented with a government license. The result is that it is virtually impossible to find a bank willing to finance a humanitarian transaction.

“… In our view, state and local sanctions are particularly pernicious for legal, foreign policy, and practical reasons.

“First, courts have generally found them unconstitutional. … There are also practical issues. When sanctions move into new areas, such as requiring state pension funds to divest themselves of stock in companies that do business with sanctioned countries, they create a new category of victims besides companies – retirees – who have generally been slow to identify their stake in these measures.

“State sanctions also create significant new compliance costs for business because of the need to deal with potentially 50 different laws and standards. With divestment sanctions, for example, a company could be in compliance with California law and in violation of New Jersey law at the same time. If it divested to comply with New Jersey law, it could be sued in California.”

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 Introduction of Sugar Reform Bills in House and Senate

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Washington, DC – The National Foreign Trade Council (NFTC) welcomed the introduction of bipartisan sugar reform legislation in both the House and Senate today. The Sugar Reform Act proposes needed reform of the current protectionist U.S. sugar program, rolling back the most restrictive provisions included in the 2008 farm bill. The NFTC applauds Senators Jeanne Shaheen (D-NH), Mark Kirk (R-IL), Pat Toomey (R-PA), Dick Durbin (D-IL), Rob Portman (R-OH), Frank Lautenberg (D-NJ), Dianne Feinstein (D-CA), Bob Corker (R-TN), Kelly Ayotte (R-NH) and Lamar Alexander (R-TN), as well as Representatives Joe Pitts (R-PA), Danny Davis (D-IL), Earl Blumenauer (D-OR) and Bob Goodlatte (R-VA) for spearheading sugar reform efforts.

NFTC President Bill Reinsch released the following statement:

“The NFTC commends this bipartisan group of Senators and Representatives for introducing sugar reform legislation in both the House and Senate and championing efforts to reform the U.S. sugar program this year. Outdated sugar policy not only stifles U.S. economic growth and job creation, but is one of the oldest and most protectionist programs mandated by Congress.

“The bills introduced today propose modest reforms, including repealing the additional import restrictions added in the 2008 farm bill and providing USDA with more flexibility in administering the import quota system. All together, these and other provisions of these sugar reform bills could help save consumers and businesses about $3.5 billion a year and protect about 600,000 jobs in sugar-using industries.”

The NFTC is a member of the Coalition for Sugar Reform, an alliance of business, consumer and environmental organizations calling for reform of the U.S. sugar program. In January, the NFTC signed onto a letter sent by the coalition to all new Members of Congress, urging them to support sugar reform legislation.

 
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 President’s SOTU Remarks on Expanding Trade Partnerships, Immigration Reform

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Applauds Launch of U.S.-EU Trade Negotiations

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

“The NFTC welcomes President Obama’s remarks on enhancing U.S. competitiveness and job creation, specifically through the pursuit of comprehensive trade agreements with nations around the world and immigration reform.

“We applaud the President’s announcement that the United States will continue to work toward completion of the Trans-Pacific Partnership Agreement and launch trade negotiations with the European Union.

“While the U.S.-EU talks will not be easy, they are critically important. In the integrated world market we now have, trade is neither optional nor a lagniappe. It is a necessity if we are to remain competitive, and there is no better partner than Europe where we already have longstanding economic relationships and substantial investment already flowing across the Atlantic in both directions.

“Beyond trade, if we are to truly harness the United States’ economic growth potential, the President and Congress must also work together to reform our broken immigration system to ensure America attracts and retains the world’s best and brightest talent. This too will not be easy, but the proposals the President and bipartisan groups of Members of Congress are putting forth are certainly a good start.”
 

 
About 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 Over 100 Associations and Companies in Calling on Congress to Renew GSP

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Washington DC – The National Foreign Trade Council (NFTC) joined with 138 other leading American companies and associations calling on Congress to immediately renew the Generalized System of Preferences (GSP) program. The GSP program saves American importers hundreds of millions of dollars by eliminating tariffs on imports from approximately 130 developing countries. However, GSP is set to expire at the end of July and American companies would face $2 million per day in new taxes if Congress fails to renew GSP by August 1.

“GSP is a critically important program that helps U.S. companies of all sizes, but particularly small- and medium-sized businesses, access low-cost inputs they need to manufacture a wide range of exports,” said NFTC Vice President for Regional Trade Initiatives Chuck Dittrich. “The program is central to U.S. export growth and helps support economic growth and American jobs. We urge Congress to renew GSP immediately.”

The Coalition for GSP, of which the NFTC is a member, yesterday released its 2013 GSP Supporter List, which includes 124 companies ranging from small, family-owned businesses to some of the largest corporations in the world, such as General Electric and Home Depot. Fifteen business associations have also joined the GSP Supporter List.

The full list of organizations, which is expected to grow over time, is available here: http://renewgsptoday.com/2013-gsp-supporter-list.

The Coalition’s Renew GSP Today website “Press Resources” page includes the latest facts and figures about the GSP program, Coalition press releases and links for media inquiries. For more information about the Coalition, contact Daniel Anthony from the Coalition for GSP at anthony@tradepartnership.com.

 

 
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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Wal-Mart’s Sarah Thorn to Serve as Chair of NFTC’s WTO Working Group

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Washington, DC – The National Foreign Trade Council (NFTC) released the following statement today announcing that Sarah Thorn, Senior Director of Federal Government Relations at Wal-Mart Stores, Inc., will serve as Chair of NFTC’s World Trade Organization (WTO) Working Group.

“Having had the pleasure of working with Sarah for many years, we are excited to collaborate with her in her new role as the Chair of our WTO Working Group,” said NFTC President Bill Reinsch. “Sarah has tremendous experience and expertise on international trade and WTO-related issues, and we look forward to her leadership and guidance.”

Thorn currently manages international policy issues at Wal-Mart Stores, Inc., and has advocated for Wal-Mart’s priorities in legislation and trade negotiations that impact the company’s worldwide sourcing and retail distribution rights. Prior to Wal-Mart, she worked at the Grocery Manufacturers Association and led the food, beverage and consumer products industry advocacy on international trade issues. Thorn also previously worked as a consultant for PricewaterhouseCoopers and as an international relations representative with AMP Incorporated.

“From making progress toward an international services agreement to expanding the information technology agreement to concluding negotiations on trade facilitation, there is a range of important issues to advance in Geneva this year. We look forward to leveraging Sarah’s expertise to advance the interests of NFTC-member companies in these critical negotiations,” said NFTC Vice President for Global Trade Issues Jake Colvin.

 


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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