Today, over 90 companies and associations sent a letter to the two new Chairmen of the House Ways and Means and Senate Finance Committee urging their leadership to move the long-stalled Miscellaneous Tariff Bill (MTB) as quickly as possible. (continue reading…)
As the Senate Finance and House Ways and Means Committees hold hearings today on “President Obama’s 2015 Trade Agenda,” manufacturers in the United States are emphasizing three key elements of a pro-manufacturing U.S. trade policy that will help unlock growth in manufacturing in the United States and the higher-paying jobs that manufacturing produces – opening global markets, increasing global competitiveness and leveling the playing field. through strong enforcement:
First it is critical to start with opening global markets as U.S. exporters face higher barriers in foreign markets than most of the rest of the world. According to the World Economic Forum’s “Global Trade Enabling Report 2014,” the United States faces higher tariffs for its exports than all but eight of the 138 countries reviewed, including China, Mexico, Canada and every member state in the European Union. To level the playing field and improve manufacturers’ ability to reach the 95 percent of consumers – who control more than 70 percent of global purchasing power – that are outside are borders, manufacturers are urging: (continue reading…)
Imbalances in the Global Trading System Say India and Brazil? Let’s Start with Manufacturing Tariffs
As the World Trade Organization (WTO) enters its third decade, WTO Director General Roberto Azevêdo is seeking to move forward on a long stalled global liberalization trade negotiations that began in Doha, Qatar, in November 2001. These ambitious, but long troubled talks had fallen apart as major emerging economies, starting with India Brazil and China, failed to commit to ambitious liberalization outcomes for their own economies. (continue reading…)
U.S. Scores WTO Victory Against Discriminatory Argentine Import Restrictions; Manufacturers Look for Quick Redress
The World Trade Organization (WTO) Appellate Body issued a decision on January 15 finding Argentina’s import restrictions on U.S. and other imported goods breached the international trade rules that Argentina had adopted in joining the WTO.
Since 2012, Argentina had, through its Declaración Jurada Anticipada de Importación or “DJAI,” and other measures, imposed limits on imports and other trade restrictive measures that have limited the ability of U.S. manufacturers to export and participate successfully in the Argentine market. These measures are estimated to affect billions of dollars of U.S. exports each year. (continue reading…)
Today, the EU Commission’s release of its Commission Staff Report on the investor-state dispute settlement (ISDS) consultation launched last year provides some interesting statistics and is an important step in the EU’s process.
As the EU moves forward on its consultations with EU governments, the EU Parliament and stakeholders, it is important that the jobs and growth objective of TTIP be front and center. With more than $4.5 trillion in cross-border investment between the EU and the United States, investment is already a huge driver of jobs and growth, and as the NAM emphasized in its detailed comments to the EU consultation, ISDS and a strong TTIP investment chapter are important to continue to promote the stronger and increased transatlantic investment moving forward. (continue reading…)
From NAM’s Linda Dempsey in Geneva, Switzerland
The breakthroughs last month on two key World Trade Organization negotiations gave new optimism to manufacturers seeking to grow opportunities through increased exports, international sales and new technologies. With new U.S. trade data showing continued weakness in U.S. manufactured goods exports, manufacturers hope to see these negotiations bear fruit as soon as possible. (continue reading…)
This post was co-authored by Linda Dempsey, NAM and Hendrike Kuehl, TABC
In Brussels, Thursday morning, the National Association of Manufacturers and the Trans-Atlantic Business Council (TABC) co-hosted a seminar on the high-profile investor-state dispute settlement (ISDS) mechanism that is being negotiated as part of the Transatlantic Trade and Investment Partnership – ISDS: A Fact- and Experience-Based Review. This event brought together representatives from the EU Parliament, EU Commission, academia, think tanks and arbitration experts and businesses to put the ISDS mechanism into its international law context and discuss its use and implications for both the U.S. and EU. (continue reading…)
As the NAM’s Chief Economist, Chad Moutray, reports this morning, today’s jobs numbers were encouraging, showing an increase of 12,800 manufacturing employees on average each month so far in 2014. These numbers also underscore the importance of continued employment and manufacturing growth that relies in substantial part on improving exports and international sales.
Yet, our manufacturers are facing a daunting triple global threat to improved grow in manufacturing as a result of substantial downgrades in global economic and trade growth forecasts reported recently by the International Monetary Fund and the World Trade Organization: (continue reading…)
As the San Francisco Giants walked onto the field at Kauffman Stadium in Kansas City last night, they knew it had been 35 years since a team had won game seven of the World Series on the road. Yet, the Giant players were confident that their chances of winning were based on their performance and talents – not because the umpires on the field were biased toward the home team and provided special advantages to or favor the home team. (continue reading…)
As the United States and EU meet this week in Brussels to continue the Transatlantic Trade and Partnership (T-TIP) talks, U.S. and EU officials are not engaged in any formal discussion on the biggest economic driver of the transatlantic partnership – cross-border investment. Cross-border investment tops $4 trillion between the United States and the EU, making it the largest investment partnership in the world.
The EU had asked to put T-TIP investment talks on hold while it reviews the input it had requested and received from its investment public consultation, which closed on July 13.
On July 7, the NAM submitted detailed comments regarding the investment provisions in the T-TIP, Investment emphasizing that:
- Investment is a critical driver of economic growth and jobs in both the United States and EU, and in third countries around the world.
- The United States and EU have an important opportunity to set high standards for the protection of property and investment through the T-TIP that reflect our own core principles and help influence investment instruments being negotiated around the world.
- The investment treaties and experience of EU member states and the United States has been highly positive, reinforcing basic rule of law standards with our international partners.
- While a lot of critiques have been made, the facts are very clear. U.S. and EU investment instruments are not a threat to good government; in fact, they promote it and promote growth and jobs as well.
The United States and EU members states have long negotiated provisions recognizing core principles of their own legal systems – the protection of private property, fairness, non-discrimination and an independent and neutral venue for the resolution of disputes. The NAM and many organizations representing businesses that create millions of jobs on both sides of the Atlantic are strongly urging the EU and the United States to include high-standard investment access and protections, backed up by investor-state dispute settlement, in the final T-TIP.
While the U.S.-EU investment relationship is vibrant, that relationship will benefit from common rules and disciplines, similar to the way that the extensive trade in goods and services will also benefit from trade-agreement provisions. Including a strong investment chapter will create greater confidence and opportunities between the United States and EU, and also set an important example of the type of standards that the EU and its stakeholders hope to achieve with major economies around the world.
As negotiators begin planning the next T-TIP round, the NAM is expecting investment to be back on the table so that the United States and EU can realize the ambitious T-TIP that they began just a year ago.