Category: Press Releases and Statements

NTFC Launches Revamped Web site

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Washington, DC – The National Foreign Trade Council (NFTC) today re-launched its Web site – www.nftc.org – with a new structure, tools and features. The site was redesigned in an effort to streamline NFTC information and resources, and maximize accessibility and value for members, policymakers and others interested in learning more about the association’s initiatives and advocacy efforts.

“The NFTC has been advocating for an open-rules based trading system for 95 years, and while our guiding principles and priorities have not changed, we recognize the value of developing tools that help make the association more accessible,” said NFTC President Bill Reinsch. “The Web site is one of the most important communications tools we have to complement our advocacy efforts. It will be increasingly valuable as we continue to press for passage of the pending free trade agreements, and the development of international tax, visa, sanctions and export controls policies that maximize the competitiveness of U.S. companies and workers.”

The revamped site features a streamlined design, which allows visitors to easily locate up-to-date information about the NFTC’s key policy priorities: Trade Policy, Tax Policy, International Human Resources, Innovation, Visa Policy and Sanctions and Export Controls. The Trade Policy section features the following issues: Bilateral and Regional Trade, WTO Issues, Middle East Free Trade Coalition, Trade Adjustment Assistance, Trade Preference Programs and Climate Change.

The site also allows users to locate news, publications and other resources by issue area. All of the NFTC’s publications on a variety of policy issues can be found easily in the Newsroom section of the site. In addition, site visitors can subscribe to RSS feeds to receive updates on NFTC press releases and events, and links to news articles featuring the NFTC.

For all of these tools and more, visit www.nftc.org.

About the NFTC

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.

NFTC Endorses Initiation of Trans-Pacific Partnership Negotiations

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Calls TPP Potential Building Block Toward Larger Asia-Pacific
Free Trade Area

Washington, DC – In testimony today before the interagency U.S. Trade Policy Staff Committee, National Foreign Trade Council (NFTC) Vice President for Regional Trade Initiatives Chuck Dittrich expressed the association’s strong support for the initiation of negotiations on a U.S.-Trans-Pacific Partnership (TPP) Free Trade Agreement. As an organization representing nearly 300 member companies that help to drive U.S. economic growth and jobs creation, the NFTC believes the TPP will expand and deepen ties with key trading partners in the Asia-Pacific region – Singapore, Chile, New Zealand, Brunei Darussalam, Australia, Peru and Vietnam.

“We support this focus on the Asia-Pacific region on its commercial merits. This region is key to maintaining and increasing U.S. competitiveness in the world,” said Dittrich. “We believe the strategy of building on an existing P-4 agreement among Chile, New Zealand, Singapore and Brunei and adding willing partners as the terms of the agreement are strengthened is wise and may serve as a model for future regional agreements.”

Dittrich highlighted the potential economic benefits of the agreement for the United States, noting that the Asia-Pacific countries represent the largest export market in the world, accounting for 41 percent of the global population, or the equivalent of 2.7 billion consumers. Further, he pointed out that the United States is the number one trading partner in the region, and the largest or second largest for every major Asian economy.

“As we face a global economic crisis of historic proportion, we endorse the initiation of this major trade liberalizing initiative as a clear statement to those who would use the economic fear now circling the globe as an excuse to erect protectionist barriers that have the potential to further damage U.S. and global economic recovery,” he continued.

In addition, Dittrich noted the importance of ensuring that all trading partners at the negotiating table are committed to the highest possible standards in a number of areas, including tariff elimination, intellectual property rights protection, comprehensive liberalization of trade in services, and securing rights for U.S. investors comparable to those available in the United States, among others.

“The proof of success of the TPP process will be the ability to reach a critical mass under a high standard agreement that will also pull in larger economies in the region. This is a stated goal of not only the United States, but also of the other nations embarking on the negotiation of this new expanded TPP,” said Dittrich. “They share the vision of using the TPP as a potential building block toward a larger Free Trade Area of the Asia Pacific, and it is in America’s national interest to be an equal partner in that effort, rather than on the outside looking in.”

“At a time when global pressure is closing markets, it is incumbent on the U.S. to lead and to seek new ways to open markets. The TPP is an innovative and economically significant initiative to do just that, and we wholeheartedly support it,” he concluded.

For a full copy of the testimony, please click here.


About the NFTC

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.

NTFC Applauds Cuba Language in Omnibus Bill and Recommendations in Senate Foreign Relations Committee Staff Report

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Washington, DC The National Foreign Trade Council (NFTC) today sent a letter to Senate Foreign Relations Committee Ranking Member Richard Lugar, endorsing language on Cuba currently contained in the omnibus appropriations bill, which would authorize travel for the agriculture community. The NFTC also expressed support for a number of recommendations made in the committee’s Staff Trip report, titled “Changing Cuba Policy In the United States National Interest,” including:

Congressional action to lift all current U.S. travel restrictions;

Diplomatic engagement with Cuba, including the resumption of bilateral talks on drug interdiction and migration;

Reengaging Cuba in international forums, including the Organization of American States;

Easing restrictions to facilitate legal agricultural trade and to allow medical trade consistent with the intent of Congress; and

Easing restrictions to permit trade and investment between Cuba and the United States, including investments in alternative energy and allowing U.S. imports from Cuba.

To read the full letter, please click here or visit www.nftc.org.


About the NFTC

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.

 

NFTC Statement on Administration’s 2009 Trade Policy Agenda

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Washington, DC In response to the release of President Obama’s 2009 trade policy agenda, National Foreign Trade Council (NFTC) President Bill Reinsch today issued the following statement.

“We welcome the agenda so early in the Administration, particularly the indication that the Administration is prepared to move forward on the Panama FTA and develop a path for progress on the other two outstanding agreements with Colombia and Korea.

“We also share the Administration’s support for an ambitious Doha Round agenda, its renewed focus on removing non-tariff barriers to trade, and a commitment to seek new agreements which have significant benefits for American businesses, workers and farmers. We look forward to hearing their plans for achieving the worthy goals that they have set out.

“We appreciate and endorse the emphasis on policies that benefit American workers and help society to deal with the often painful adjustments which are part of the modern global economy. In this regard, like the Administration, we welcome the expansion of the Trade Adjustment Assistance program that was included in the stimulus bill, something the NFTC and other associations fought hard for.

“While we support the laudable social goals articulated in the document, we need to remember that just as trade policy cannot be the solution to all of our domestic economic problems, neither can it solve all the social problems of other nations as we perceive them. Trade agreements are reached by negotiation, which means each side must demonstrate flexibilities in order to reach agreement. We certainly do not expect an administration at this point to reveal where its flexibilities may lie, but would remind policymakers that they will inevitably have to address the priorities and concerns of potential negotiating partners.

“Overall, the United States would benefit from the greater degree of transparency and consultation that the document promises. As an organization that has been actively engaged in consulting with previous administrations for 95 years, we welcome more consultation and transparency. We hope that any new processes created will not ignore the interests and concerns of the millions of Americans whose jobs rely on the export and import of products and services.

“Finally, we welcome the Administration’s emphasis on energy and environment. In particular, we support strong leadership from President Obama in international negotiations involving trade and the environment, including a successful conclusion of an agreement to liberalize trade in environmentally-friendly goods and services. We believe that the success of the Administration’s important environmental and energy objectives will require multilateral negotiation and agreement rather than unilateral action.”

For a full copy of the Administration’s trade policy agenda, visit http://www.ustr.gov/Document_Library/Recent_News/Section_Index.html.

About the NFTC

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.


 

United Businesses Urge Support of TAA in the Economic Stimulus

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Washington, DC – The National Foreign Trade Council (NFTC), in conjunction with other businesses and associations today sent a letter to Congress urging their support for the inclusion of the Trade and Globalization Adjustment Assistance Act of 2009 in the conference report for H.R. 1, the American Recovery and Reinvestment Act.

To read the full letter, please click here or visit www.nftc.org.

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Advancing Global Commerce for Over 90 Years
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.

NFTC Commends Senate Amendment on Trade Adjustment Assistance Program

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Council Calls Agreement a Good Sign of Progress

Washington, DC – The National Foreign Trade Council (NFTC) today lauded Members of the U.S. Senate Finance Committee and the U.S. House Committee on Ways and Means for their movement on improving and expanding the Trade Adjustment Assistance (TAA) program in the American Recovery and Reinvestment Act of 2009. NFTC believes the Baucus-Grassley amendment modernizing the Trade Adjustment Assistance (TAA) program to assist American workers is vital to America’s continued competitiveness and economic recovery.

“NFTC welcomes today’s amendment as a positive step in promoting growth and jobs through trade,” said NFTC President Bill Reinsch. “Today’s action signals progress toward a national trade policy that promotes trade liberalization while addressing the concerns of American workers who worry about losing their jobs.”

Finance Chairman Max Baucus (D-MT), Ways and Means Chairman Charlie Rangel (D-NY), Finance Ranking Member Chuck Grassley (R-IA) and Ways and Means Ranking Member Dave Camp (R-MI) said they will seek to amend the economic recovery bill to help companies and workers impacted by global expansion of the American economy. The amendment, the Trade and Globalization Adjustment Act of 2009, will authorize Trade Adjustment Assistance through 2010 and redesign benefits to be more flexible and accessible.

“This amendment has been carefully crafted to target assistance in a cost effective manner where it is needed most, empowering American workers with the tools and training they need to succeed in the global economy,” said Chuck Dittrich, NFTC Vice President of Regional Trade Initiatives. “This amendment represents the input of Republicans and Democrats in both the House and the Senate to find common ground. We strongly support this milestone in moving back to a bipartisan consensus on trade and competitiveness and urge the full Congress to adopt the measure.”

In 2008 the NFTC and other leading U.S. business community organizations launched a new coalition – the Trade and American Competitiveness Coalition (TAA Competitiveness). The coalition focuses its efforts on urging Congress to act on legislation to enhance and expand the TAA program as well as advocating for various legislative measures that will ensure American workers are well-equipped to compete in the integrated 21st century global economy.

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Advancing Global Commerce for Over 90 Years
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.

NFTC Welcomes Senate Environment and Public Works Committee Principles on Climate Change Legislation

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Washington, DC – In response to the release (Link to: http://epw.senate.gov/public/index.cfm?FuseAction=Majority.PressReleases&ContentRecord_id=240662f6-802a-23ad-4716-3af9a8adb9c7&Designation=Majority) by Chairman of the Senate Environment and Public Works Committee Barbara Boxer of principles for global warming legislation, NFTC Vice President for Global Trade Issues Jake Colvin put out the following statement:

“We applaud the initiative of Senator Boxer and the Committee on one of the most urgent issues of our time. As the Committee’s Principles for Global Warming Legislation suggest, working with the international community will be key to ensuring an effective response to global warming.

“We urge the Obama Administration and Congress to work with our international partners to create viable multilateral frameworks under the U.N. Framework Convention on Climate Change (UNFCCC), and through other forums such as the World Trade Organization, to incentivize reductions in carbon emissions.

“Incentivizing emissions reductions abroad through unilateral legislative measures – especially punitive ones – will be complicated and difficult to achieve at best. At worst, such efforts could interfere with the United States’ international obligations as well as the global competitiveness of U.S. businesses.”

The NFTC in December 2007 released a report, which details WTO-Compatibility of Proposed U.S. Climate Change Legislation. For a complete copy of the report, please click here.

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Advancing Global Commerce for Over 90 Years
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.

NFTC Expresses Concern Over ‘Worldwide Debt Cap’ Rules in Proposed UK Tax Legislation

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Washington, DC – The National Foreign Trade Council (NFTC) today expressed concern over draft tax legislation currently under consideration in the United Kingdom (UK), which includes “worldwide debt cap” rules that would create a web of complexity and uncertainty for foreign investors. In a letter sent by NFTC President Bill Reinsch to UK Chancellor of the Exchequer Alistair Darling, MP, the NFTC expressed deep concern over the draft legislation.

“The proposed legislation is very wide reaching and complex, and its introduction in its current form would cause great uncertainty both for existing and potential inbound investors,” wrote Reinsch. “These factors will have a negative impact on the UK’s attractiveness as a location for inward investors and could lead to the overall foreign profits package (including the dividend exemption) being seen as making the UK less competitive in the international arena. Particularly in a time of recession, that cannot be a constructive policy for the UK.”

The NFTC letter also pointed out that the proposed rules would be both difficult to apply and administer, as they would require investors to generate many separate calculations, including some that must be made on a gross basis and others on a net basis. Further, the NFTC, noted that “the detailed calculations lead to unintended results and disallowances due to their complexity” and that “the time periods for making calculations and the associated additional returns are very restrictive and do not fit into the existing administrative framework, thus making all of the administration still more time-intensive (and prone to error).”

In addition, the NFTC questioned the rationale behind the rules, noting that the UK already has in place three other rules that restrict interest deductibility and add complexity for foreign investors – thin capitalization rules, the “unallowable purpose” rule, and the anti-arbitrage rules.

The NFTC suggested that the UK not adopt the worldwide debt cap rules now as proposed and instead continue to work with the private sector to make the proposed system less complex. “Given the current economic downturn, and significant losses being made by the banking and other sectors, we do not believe that a short delay in implementing the worldwide debt cap rules would adversely impact tax revenues,” wrote Reinsch.

“In short, we do hope that you will reconsider the introduction of the worldwide debt rules in their current form, except with the very broadest of safe harbors. There is much that is good in the foreign profits package, and that our members think is forward-looking. It would be unfortunate if the worldwide debt cap rules were to negate all of that, and, instead, discourage foreign investors,” Reinsch concluded.

To read a full copy of the letter, please click here.

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Advancing Global Commerce for Over 90 Years
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.

 

NFTC Applauds President Obama’s Choice for Commerce Secretary

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Washington, D.C. – The National Foreign Trade Council (NFTC) today praised President Obama’s nomination of Senator Judd Gregg (R-NH) to serve as U.S. Commerce Secretary. NFTC President Bill Reinsch released the following statement.

“We congratulate Senator Gregg on his nomination and applaud President Obama for selecting such a seasoned veteran to take the helm at Commerce.

“As a third-term senator and an appropriator, he has vast knowledge and insight into the inner workings of Congress, and how he could best work with his colleagues on the other side of Pennsylvania Avenue as Commerce Secretary.

“Sen. Gregg consistently received solid scores in the NFTC’s annual Congressional rankings on support for liberalized U.S. trade and investment policies. While in Congress, he cast important trade votes, most recently voting in favor of free trade agreements with Peru and Oman, CAFTA-DR, and against imposing unilateral sanctions on Iran.

“There is much pressing work to do, including working with Congress and President Obama to stimulate the flow of commerce, manage the national transition to digital television and the 2010 Census.

“We look forward working with Commerce Secretary-designate Gregg to ensure future U.S. economic growth and prosperity for our workforce.”

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Advancing Global Commerce for Over 90 Years
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.