Much of the focus surrounding Trade Promotion Authority (TPA) has been on the two large regional free trade agreements being negotiated by the United States – the Trans-Pacific Partnership (TPP) with eleven Pacific Rim countries, and the Transatlantic Trade and Investment Partnership (TTIP) with the European Union. And with good reason: Taken together, the countries negotiating these agreements collectively account for more than 60 percent of global GDP, and if done right, TPP and TTIP would help level the playing field for U.S. goods and services, opening up major new commercial opportunities for manufacturers in the U.S. in a number of key export markets. (continue reading…)
Manufacturers celebrated this week the annual “World Trade Week,” reaffirming the importance of trade to economic opportunities and job growth. The House Small Business Committee highlighted the impact of trade on small businesses with a hearing on Wednesday. NAM Board member and Power Curbers, Inc. President and CEO Dyke Messinger testified on the hearing panel, pressing for congressional passage of Trade Promotion Authority (TPA) and a long-term reauthorization of the Ex-Im Bank to help level the playing field for manufacturers in the United States. (continue reading…)
The House Foreign Affairs Committee’s Terrorism, Nonproliferation & Trade Subcommittee is examining today the role of trade promotion agencies like the Ex-Im Bank in supporting U.S. foreign policy. The United States needs a strong industrial base with robust R&D capability to support its national security interests, and those companies can benefit greatly from overseas markets. In many of those markets, export credit agencies (ECAs) like Ex-Im Bank play a crucial role in supporting suppliers for energy, aerospace and infrastructure projects.
This morning, the NAM hosted a conference call to highlight these issues with former U.S. Commerce Secretary Carlos Gutierrez and former National Security Advisor General James L. Jones. Also joining the call were to two manufacturers that illustrate the role of Ex-Im Bank in supporting their overseas growth and in enabling their commitment to U.S. foreign policy objectives. Secretary Gutierrez and General Jones joined with a dozen former U.S. government officials in February to send a letter to Congress underscoring the importance of commercial and economic diplomacy to U.S. national security. (continue reading…)
And Contradicts Many Critics’ Claims
A few hours ago, the United Nations Conference on Trade and Development (UNCTAD) released its annual review of the investor-state dispute settlement (ISDS) mechanism. Some key highlights are important to note as they demonstrate the utility of the ISDS mechanism, while effectively contradicting many of the critics’ claims. Consider these four highlights from the UNCTAD report: (continue reading…)
The Senate considered today a bundle of trade bills under a bipartisan deal to allow votes on customs and preferences legislation, as well as a cloture vote on the motion to proceed to Trade Promotion Authority (TPA). The NAM strongly supports the customs modernization, intellectual property enforcement, miscellaneous tariff bill process and provisions to prevent trade remedy evasion that are contained in Trade Facilitation and Trade Enforcement Act of 2015 and the trade preference provisions contained in the Trade Preferences Extension Act of 2015 (S.1267). The Senate passed the customs legislation by a vote of 78-20 and the trade preferences bill by a vote of 97-1.
The Trade Facilitation and Trade Enforcement Act (S. 1269), introduced in April by Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR), passed the Senate Finance Committee by voice vote. During the Senate Finance Committee mark-up, several amendments to the bill were adopted. The bill would reauthorize U.S. Customs & Border Protection and contains customs modernization provisions on key issues like duty drawback, exemption from duty for container residue and intellectual property protection. The bill also includes the Enforcing Orders and Reducing Customs Evasion Act (ENFORCE) that provides basic due process procedures for domestic manufacturers, including timelines for CBP to act and the potential for judicial review, to address growing problems with the evasion of trade-remedy orders. (continue reading…)
Major Manufacturing Industries Call for Quick Passage of TPA to Overcome the Status Quo Disadvantage
Yesterday, the National Association of Manufacturers (NAM) was joined by 75 industries representing the broad range of manufacturing throughout the United States, to urge passage of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015. As the letter explains:
“At a time when global growth is slowing, manufacturing industries and their employees need the advantages that trade agreements provide now more than ever to compete successfully abroad. The U.S. market is largely open to the world, with the lowest tariffs on manufactured goods of any G20 country. Yet, these same manufacturers face steep trade barriers abroad. Without TPA, manufacturers in the United States risk being locked out and left behind as other countries negotiate dozens of trade agreements that exclude the United States and our nation’s manufacturers.” (continue reading…)
Last week, the President transmitted to Congress the renewal agreement for the “U.S.-China Agreement for Cooperation on the Peaceful Uses of Nuclear Energy,” also known as the U.S.-China Section 123 agreement. Unless the renewal is brought into force before the current agreement expires in December, U.S. nuclear suppliers will lose their access to the world’s largest market for commercial nuclear goods and services – effectively forfeiting billions of dollars in U.S. exports and thousands of American jobs in a key sector. The NAM recently joined several other associations in urging Congress to act on a clean and expeditious approval of the renewal U.S.-China Section 123 agreement.
Section 123 of the U.S. Atomic Energy Act requires a specific agreement for significant transfers of nuclear material, equipment, or components from the United States to another nation. This primer from the Congressional Research Service (CRS) provides additional background on these “123 Agreements”, and CRS also has this new report on the China Section 123 agreement. (continue reading…)
As Congress continues to debate the future of Ex-Im Bank, it’s clear that a bipartisan majority supports its reauthorization. Over the past few weeks, various Congressional leaders have expressed their support for reauthorization. Today, House Speaker John Boehner (R-OH) said the expiration of the Ex-Im Bank could cost “thousands of jobs.” Manufacturers agree and we urge Congress to move quickly to schedule a vote on a long-term reauthorization of Ex-Im Bank. (continue reading…)
People might say bipartisanship is missing in the nation’s capital, but you wouldn’t know it if you paid attention to the Export-Import Bank’s annual conference this week in Washington, DC.
Lawmakers and former lawmakers from both parties made clear their support for the Ex-Im Bank, the small agency that facilitates the sale of U.S.-made products abroad. Here’s a brief overview of their comments on Ex-Im: (continue reading…)
As Congress debates whether to reauthorize the U.S. Export-Import Bank, small businesses are telling the story of how they’ve utilized Ex-Im Bank to grow exports and add jobs. Some of these small businesses earned a lot of applause today, as the Ex-Im Bank Annual Conference kicks off in Washington, DC.
Among the companies celebrated were fire truck maker W.S. Darley & Co., cheesecake company Love & Quiches Gourmet, and Texas-based Fritz-Pak Corp. These companies have tapped Ex-Im Bank financing to sell their products abroad. (continue reading…)