WASHINGTON, D.C. – National Foreign Trade Council (NFTC) Vice President for Global Trade Policy Tiffany Smith today issued a statement following the administration’s decision to cancel $29 million in U.S. funding for the World Trade Organization (WTO):
“We are disappointed that the administration has unilaterally decided to rescind funding for the WTO as well as other international organizations where the United States plays a leadership role. Despite its limitations, this organization provides an important forum to address irritants with our trading partners and to create and strengthen the rules in areas of critical importance to the U.S. business community, such as the recently-concluded Joint Statement Initiative Agreement on E-Commerce, advancements in trade facilitation, and the use and development of technical regulations.
“The United States benefits from taking an active leadership role in multilateral organizations. Pulling support from these organizations leaves a vacuum that other countries will be more than glad to fill. While we agree that reform is needed at the WTO, pulling back funding is not the way to create long-lasting change that supports U.S. competitiveness and our companies’ ability to operate globally.”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade, tax, national security and supply chain policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses, who account for over $6 trillion in revenue and employ nearly 6 million people in the United States.
