Category: Press Releases and Statements

NFTC Applauds Administration, Congress for Reaching Agreement on TAA

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Says Compromise Deal Will Help U.S. Workers, Opens Door for FTA Action

Washington DC – The National Foreign Trade Council (NFTC) today commended the Administration and Congressional leaders for working together to come to an agreement on the extension of the Trade Adjustment Assistance (TAA) program. NFTC says the deal announced today will help thousands of workers and pave the way for passage of the pending free trade agreements (FTAs) with Colombia, Panama and South Korea.

The NFTC released the following statement:

“We welcome the news that political differences have been put aside and that an agreement has been reached on TAA,” said NFTC President Bill Reinsch. “TAA is critical to ensuring that U.S. workers adversely affected by trade receive benefits and acquire new skills, allowing them to re-enter the workforce. Before the 2009 version of the program expired, thousands of workers benefitted from this program, and the NFTC commends the Administration and Congress for working together to ensure this essential element of our trade policy is renewed. The agreement reached also opens the door for Congressional consideration and approval of the pending FTAs, and now it’s time to get down to business without further delay.”

“We are pleased that a renewal of TAA is in sight,” said NFTC Vice President for Regional Trade Initiatives Chuck Dittrich. “The program has always enjoyed bipartisan support and today’s announcement makes clear that both the Administration and Congress are serious about enhancing U.S. economic growth and competitiveness through the advancement of the entire U.S. trade agenda.”

“We look forward to working with Congress to ensure that all three pending trade agreements are approved before the August recess,” Reinsch concluded.

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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 Other Leading Business Groups in Urging for Progress on China’s Currency and Exchange Rate Process

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The NFTC yesterday joined other leading business groups in sending a letter to Congressional leaders, urging progress on China’s currency and exchange rate process through multilateral pressure and coordination.

The groups wrote:

“Like Congress and the Administration, we agree that China needs a yuan exchange rate that responds to trade flows and that China should move steadily towards a market-determined exchange rate. In addition to continuing U.S.
government efforts, our organizations support strong, coordinated and enhanced multilateral pressure through multiple international organizations such as the G-20 and APEC to achieve concrete progress on China’s currency and exchange rate policies.

“Unilateral legislation on this issue would be counterproductive not only to the goals related to China’s exchange rate that we all share, but also to our nation’s broader goals of addressing the many and growing challenges that we face
in China, including inadequate protection of intellectual property, restrictions on market access, the need for financial services liberalization, restrictions on the export of commodities such as rare earths, discriminatory indigenous innovation and other industrial policies. Above all, such legislation would do more harm than good to job creation and economic growth at a time when the United States dearly needs both.”

 

Click here to read the full letter.

NFTC Welcomes Colombia’s Achievement of Action Plan Milestone, Urges Action on FTAs and TAA

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Washington DC – The National Foreign Trade Council (NFTC) today welcomed news from the Office of the U.S. Trade Representative (USTR) that Colombia has met all milestones required for completion by the June 15, 2011 deadline under the “Action Plan Related to Labor Rights,” an important step in moving forward with the U.S.-Colombia free trade agreement (FTA).

“We commend the Colombian government for upholding its commitment to the Action Plan by meeting all milestones required by the June 15 deadline,” said NFTC President Bill Reinsch. “Colombia has made great strides in the past decade in improving labor rights, and today’s announcement makes it clear that the Santos Administration is dedicated to further improving the lives of Colombian workers. We are pleased that the Administration has recognized this as a significant step, and urge them to submit the implementing legislation for the Colombia, Panama and Korea FTAs to Congress as soon as possible.”

“We also recognize that the difference of opinion over TAA is at this point the only substantive roadblock preventing consideration of the FTAs, and we ask Congress and the Administration to redouble their efforts to devise a solution as soon as possible,” said Reinsch.

“Today’s announcement is encouraging, as it brings us closer to implementing an agreement with Colombia, which is necessary in ensuring that U.S. goods and services maintain a prominent presence there,” said NFTC Vice President for Regional Trade Initiatives Chuck Dittrich. “With other countries working to implement trade agreements with Colombia, now is the time to move forward. All remaining issues on the Korea and Panama FTAs have also been resolved, and the NFTC encourages the Administration to submit to Congress implementing legislation for all three pending trade agreements immediately.”

 


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 Other Leading U.S. Business Groups in Opposing the Australian Government’s Proposed Plain Packaging Legislation

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Today the NFTC joined the U.S. Chamber of Commerce, the National Association of Manufacturers, the U.S. Council for International Business, the Emergency Committee for American Trade, the US-ASEAN Business Council and the TransAtlantic Business Dialogue in issuing a joint statement regarding a proposal by the Australian Government to mandate standardized plain packaging for all tobacco products.

The groups stated:

“We recognize the right of the Australian Government to implement regulation to control tobacco products. However, plain packaging risks establishing a precedent of IP destruction for an entire industry through government mandate that would be very damaging to the legitimate interests of trademark owners to associate their brands withtheir products, a fundamental protection under trademark law.”

“Furthermore, protecting intellectual property rights and advancing public health are mutually reinforcing. Australia has always been willing to stand up for trade rules, and we have stood up with it to advance the global trading system. We are strongly convinced that the plain/generic packaging proposal will have a detrimental effect on the integrity of the protection of intellectual property around the world, while its potential effects on public health are not encouraging either. The effects of enacting an obvious violation of those rules such as plain packaging should concern the Australian Government enough to seek alternative approaches consistent with its international trade obligations.”

Click here to read the full statement.

 

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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 Welcomes Administration’s Promotion of Economic Development for the Middle East and North Africa

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Washington DC – Following President Obama’s speech on the Middle East and North Africa, the National Foreign Trade Council (NFTC) today applauded the Administration for its commitment to promoting economic development in the region. The NFTC released the following statement regarding the Administration’s announcement of a new Trade and Investment Partnership Initiative in the Middle East and North Africa.

“As the President stated today, economic development is a means to realizing the promise of prosperity and helping to sure up the transition to democracy that many nations in the region are pursuing today,” said NFTC President Bill Reinsch. “The U.S. business community has a vital stake in strengthening economic and trade ties with countries in the Middle East and North Africa. The change now sweeping the region provides a window of opportunity to engage as these nations address chronic problems of high unemployment, cumbersome regulatory environments and barriers to investment.”

The NFTC co-founded and manages the U.S.-Middle East Free Trade Coalition, which is composed of over 120 business groups, companies and other organizations committed to expanding free trade and investment not only between the U.S. and Middle East, but also among countries in the region. The primary objective of the coalition is to encourage economic development, transparent and accountable governance, and enhanced prospects for the people of the Middle East and North Africa. The NFTC has also led U.S. business coalitions in support of Free Trade Agreements with Morocco, Bahrain, and Oman, the WTO accession of Saudi Arabia and further trade liberalization initiatives with Egypt, Libya, the United Arab Emirates and other countries in the region.

“For nearly a decade, the NFTC has engaged with the U.S. government and governments in the region to promote best practices in the rule of law, regulatory transparency and further integration into the global trading system that promotes international trade and investment with and among countries in the region,” said NFTC Vice President for Regional Trade Issues Chuck Dittrich. “The fact is that in many countries, the same regulations and practices that sustain hidden corruption and stifle innovation, not only keep out U.S. business, but also inhibit indigenous entrepreneurship and business creation, which must occur to address rising youth unemployment and to bring to fruition the economic aspirations of those throughout the region.”

“Countries in the region that have implemented high standards of reform and trade liberalization have seen the benefits, and can lead the way to further economic integration,” Dittrich continued. “U.S. companies support that process and want to be a part of it.”
 

 
 
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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 Applauds Trade Ministers for Setting Goal to Achieve “Broad Outlines” of TPP Agreement by November

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Washington DC – The National Foreign Trade Council (NFTC) today welcomed news that the Trans-Pacific Partnership (TPP) Ministers have set a goal to complete the “broad outlines” of an agreement by November 2011. The NFTC released the following statement:

“This is an important momentum-building milestone in the negotiations,” said NFTC President Bill Reinsch. “The TPP Agreement is a critical part of our economic integration in the fast-growing Asia-Pacific market, and tabling outlines of what the agreement will entail by November signals that all parties are committed to reaching a deal in the short term. The agreement is also a key component of the U.S. trade agenda, and will complement market access gains that will be achieved when free trade agreements with Colombia, Panama and South Korea are ratified.”

“We applaud the Ministers for setting an ambitious and achievable goal to advance the talks,” said NFTC Vice President for Regional Trade Issues Chuck Dittrich. “The TPP has the potential to be the gold standard for plurilateral trade agreements and greatly expand market opportunities for U.S. investors and exporters selling goods and services in and to one of the most dynamic regions in the world. At a time when the fate of the Doha Round of World Trade Organization negotiations is uncertain, today’s news is a shot in the arm to the international business community.”

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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.
Follow us on: