Washington D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today issued a statement following the successful conclusion of the World Trade Organization (WTO) Joint Statement Initiative on Services Domestic Regulation:
“The successful conclusion of the WTO Joint Statement Initiative on Services Domestic Regulation is an important accomplishment that improves transparency, legal certainty and fairness in rulemaking and licensing processes while slashing costs for businesses.
“It’s also a welcome sign that the WTO can serve as a flexible forum to address shared priorities among innovative economies.
“This agreement will strengthen the U.S. services industry, which accounts for more than two-thirds of U.S. GDP and supports 80 percent of private-sector jobs. Foreign sales of U.S. services are estimated at $2.5 trillion, including cross-border exports from the U.S. and services sales by foreign affiliates of U.S. companies.
“We applaud the U.S. Government for their leadership in bringing the negotiations to a successful conclusion, and to proponents including the Government of Australia for their commitment to transparency and fairness.”
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 100 member companies through its office in Washington D.C.