Ambassador Wolff stated:
“…TPP is essential as a foundation for American leadership not only in Asia, but in formulating with major partners improved conditions for world trade and investment through open markets and stronger rules. TPP shows a path forward in trade liberalization, in new rules for the digital economy and in new disciplines governing the participation of state-owned enterprises in commercial competition.
“… The importance of U.S. participation in the TPP cannot be overstated. The original twelve parties account for 40% of the world’s economic output. That they could reach agreement on a broad range of rules and trade liberalizing measures is an outstanding achievement. …TPP is a potential template for the future of the world trading system.
In addition, as Wolff noted, “While expressing our support for TPP, the NFTC looks forward to working actively with the Executive Branch and Congress to ensure that additional improvements are made to achieve more fully U.S. negotiating objectives.”
Regarding remaining issues for the Administration to address, Ambassador Wolff noted concerns about IP protection for biologics; maintaining strong protection of investor rights without product carve-outs that have the effect of denying due process; excluding coverage for financial services data from rules assuring the free flow of data across borders; addressing currency manipulation; and remaining areas for liberalization.
“The NFTC supports Congress and the Administration addressing the issues raised by the business community to achieve prompt approval of TPP in 2016,” said Wolff.
The NFTC has long been a proponent for the TPP. On December 22, 2015, the NFTC released a statement on the text of TPP agreement.
For the full testimony, click here.