Organizations Call on Congress to Pass Trade Preferences Extension Act of 2015
Washington DC – Today, the National Foreign Trade Council (NFTC) joined with more than 600 companies and associations in sending a letter to the Hill urging support for the Trade Preferences Extension Act of 2015 (H.R. 1295). The legislation renews the Generalized System of Preferences (GSP) program and extends the African Growth and Opportunity Act (AGOA) and special trade preferences for Haiti – three critical components of U.S. trade policy.
In a letter sent to all members of Congress this morning, the organizations wrote:
“GSP expired nearly two years ago, on July 31, 2013. Since then, American companies have paid about $2 million a day – nearly $1.3 billion total – in higher taxes while awaiting congressional reauthorization of the GSP program. The mounting costs and uncertainty associated with congressional delay in renewing GSP have had a chilling effect on American businesses and workers.
“… AGOA expires in less than four months. While products entering the United States from AGOA beneficiary countries continue to receive duty-free benefits, orders being placed now will arrive well after those benefits are set to expire. The time for a seamless AGOA renewal is long past, and as the deadline approaches more and more companies are canceling or delaying orders.
“… Finally, H.R. 1295 extends special trade preferences for Haiti, the poorest country in the Western Hemisphere, through September 30, 2025. Enacting a long-term renewal now ensures that Haiti, like African countries under AGOA, does not lose crucial trade and investment opportunities because of the threat of pending expiration.”
About the NFTC
Serving America’s Global Businesses Since 1914 – 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.
