NFTC Hosts Press Roundtable on the Economic Impact of Expired Trade Preference Programs

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1 Trade Matters Alert March 11, 2011 Vol. 12 No 10 NFTC News NFTC Hosts Press Roundtable on the Economic Impact of Expired Trade Preference Programs The National Foreign Trade Council (NFTC) today hosted a press roundtable on the economic impact of expired trade preference programs the Generalized System of Preferences (GSP) and the Andean Trade Preference Act (ATPA) on U.S. businesses and the economy. The discussion was led by the following guests, who made the economic case for why Congress needs to and should extend both programs: Laura M. Baughman, Executive Director, Coalition for GSP; Daniel S. Anthony, Director of Research and Government Relations, Coalition for GSP; Claudia Candela, Director, Colombian Government Trade Bureau; and Ed Gresser, Director, ProgressiveEconomy NFTC Says the Time is Now for Action on All Components of the U.S. Trade Agenda In response to U.S. Trade Representative Ron Kirk's remarks on the U.S. trade agenda before the Senate Finance Committee on Wednesday, the NFTC released the following statement. "We are encouraged by Ambassador Kirk's remarks regarding ongoing discussions between the U.S., Colombian and Panamanian governments to resolve issues standing in the way of approval of both pending trade deals. At the same time, however, we urge the Administration to move as quickly as possible to prevent the further erosion of U.S. market share," said NFTC President Bill Reinsch. "We are pleased that Ambassador Kirk on Monday announced his intention to submit the Korea agreement to Congress for consideration and approval shortly. We also echo the call made by several members of the committee today for the Administration to move past the verbal commitment to advance the Colombia and Panama agreements, and set an aggressive timeline to get them done as soon as possible this year. It's past time to move forward. Action is needed now." To read the NFTC s full statement on the hearing, visit: CEE Releases Study Underscoring Role of SMEs in Domestic Supply Chains of Large U.S. Companies, Increasing U.S. Exports The Coalition for Employment Through Exports (CEE) on Thursday released its 2011 Supplier Study, the third report of a large-scale project launched in 2001, aimed at identifying the many small- and medium-sized enterprises (SMEs) in the domestic supply chains of its member companies. This year s study underscores the dependency of large U.S. international companies on more than 33,000 SMEs, and the extensive reach of export sales and Export- Import Bank (Ex-Im Bank) financing. The release of the study also coincides with a hearing on the role of the Ex-Im Bank in U.S. competitiveness and job creation held yesterday by the House Financial Services Committee s Subcommittee on International Monetary Policy and Trade. What our study further sheds light on is how central small- and medium-sized suppliers are in providing inputs to large U.S. companies and the important role they play in helping to increase U.S. exports, said CEE President John Hardy, Jr. With Ex-Im Bank reauthorization on the agenda this year, it will be critical for Congress to find ways to March 11, NFTC Trade Matters Vol. 12 No. 10

2 increase the Bank s competiveness with respect to other export credit agencies around the world, to ensure that companies large and small can maximize their export potential and create high value jobs. We commend the House Financial Services Committee for holding today s hearing and recognizing the integral role the Bank plays in driving the competitiveness of U.S. exports and boosting the economy. To read CEE s full press release on the Supplier Study, visit: Supplier Study PR.pdf For more information on the 2011 study, visit: Next NFTC Tax Lunch Forum March 15, 2011 The next NFTC Tax Luncheon Forum to discuss current international tax issues will be held on Tuesday, March 15th at 11:45 a.m. DST at the NFTC offices, 1625 K Street, NW, Suite 200, Washington, DC. We are very pleased to announce that Joyce Meyer, Chief of Staff, House Budget Committee Chairman and Ways and Means Member Rep. Paul Ryan has agreed to speak to us about current budget issues, deficit reduction, tax reform and other items the House Ways and Means Committee is currently working on. Please join us for this informative discussion and come prepared for a lively dialogue. Please complete the attached response form to attend or participate in the conference call and return it by Friday, March 11th. Click here to register: Hill Updates Sens. Baucus, Hatch Call on Amb. Kirk to Begin Negotiations for Colombia, Panama FTA Bill Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) called on U.S. Trade Representative Ron Kirk on Thursday to immediately begin technical discussions with the Finance Committee on legislation to implement the U.S.-Colombia and U.S.-Panama Free Trade Agreements (FTA). Baucus and Hatch held a Finance Committee hearing on Wednesday where they asked Kirk to provide detail on further actions the Administration is seeking from Colombia and Panama and a timetable for resolving any outstanding concerns. During Wednesday s hearing, Kirk told the Committee the additional steps the Administration is seeking from Colombia and Panama do not require modifications to the trade agreements themselves. To read the text of the letter from Senators Baucus and Hatch to Ambassador Kirk, visit: To read Senators Baucus and Hatch s statements and Ambassador Kirk s testimony from Wednesday s hearing, visit: News from the Administration Commerce Release January 2011 Trade Balance Data The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced yesterday that total January exports of $167.7 billion and imports of $214.1 billion resulted in a goods and services deficit of $46.3 billion, up from $40.3 billion in December, revised. January exports were $4.4 billion more than December exports of $163.3 billion. January imports were $10.5 billion more than December imports of $203.6 billion. In January, the goods deficit increased $6.1 billion from December to $59.8 billion, and the services surplus was virtually unchanged at $13.4 billion. Exports of goods increased $4.0 billion to $120.5 billion, and imports of goods increased $10.1 billion to $180.3 billion. Exports of services increased $0.5 billion to $47.2 billion, and imports of services increased $0.4 billion to $33.8 billion. March 11, NFTC Trade Matters Vol. 12 No. 10

3 For more information on U.S. exports and imports in January 2011, visit: U.S. Trade Mission to Nigeria to Showcase Trade Opportunities Suresh Kumar, Assistant Secretary for Trade Promotion and Director General of the U.S. and Foreign Commercial Service, is leading a U.S. Department of Commerce trade mission of 19 U.S. companies to Nigeria, March The mission will match U.S. firms with prospective Nigerian business partners in Lagos and Abuja, the commercial center and political capital of Nigeria. This trade mission demonstrates the strong U.S. business interest in expanding commercial ties with Nigeria, the fastest growing export market in sub-saharan Africa, Kumar said. Nigeria is a place of great business potential and opportunity, and we look forward to meeting with Nigerian companies and generating new business that will contribute to mutual prosperity and job growth for both our countries. For more information and a list of companies participating in the trade mission, visit: Commerce Department Invites Applicants to Join New Innovation Advisory Board The U.S. Commerce Department has announced the creation of a new Innovation Advisory Board to guide a study of U.S. economic competitiveness and innovation and has opened the application process to business leaders, economic and innovation policy experts, and state and local government officials active in technology-based economic development. The new study will help inform Obama administration policies that will position the U.S. to win the future by out-innovating, out-educating and out-building our economic competitors. The Innovation Advisory Board, in coordination with the National Economic Council and other federal agencies, is charged, by the America COMPETES Reauthorization Act of 2010, to advise the Secretary of Commerce on the innovative capacity and economic competitiveness of the United States for a study to be completed by January 4, For more information and guidelines for submitting an application to join the Board, visit: In Case You Missed It Brunei Declares War On Piracy: Sultanate No More Haven Bru Direct March 10, 2011 To boost foreign investment Brunei is planning a war on piracy in all its forms. Attorney General Datin Paduka Hajah Hayati said this at the opening of the Legal Year 2011 yesterday during a comprehensive report on piracy in Brunei. She announced that Brunei will receive guidance from expert missions based with the World Intellectual Property Organisation (WIPO) aimed at modernizing Brunei's Intellectual Property system. Unlocking Business Support For A Global Trade Deal Reuters March 9, 2010 [Op-ed, Jake Colvin, of the NFTC, and Scott Miller, of Procter & Gamble]NFTC Vice President for Global Trade Issues and Scott Miller, Director] Next week, the Director General of the World Trade Organization Pascal Lamy is coming to Washington to discuss the status of global trade talks. Trade officials are gearing up now for a serious push to conclude the Doha Development Agenda in 2011, which began nearly 10 years ago. If they are interested in securing high-level corporate support for a deal, they must deliver an ambitious outcome that works for businesses as well. March 11, NFTC Trade Matters Vol. 12 No. 10

4 Big Gaps Threaten Doha Trade Deal, Negotiators Warn Reuters Africa March 8, 2011 Sizeable gaps remain in talks on a world trade deal and nations must redouble their efforts to have any hope of meeting their deadline of this year to complete the long-running Doha round, trade diplomats said on Tuesday. At a meeting of the World Trade Organization to review the decade-old Doha talks, many countries said the negotiations were making progress on technical details but what was needed was a deal to create real market access for exporters. USTR Tells Congress Ready To Move South Korea Trade Deal Reuters March 7, 2011 The Obama administration signaled on Monday it was ready to begin final talks with Congress enact a free trade deal with South Korea signed nearly four years ago. "The Office of the United States Trade Representative has completed its preparatory work on the U.S.-Korea trade agreement and stands reach to begin technical discussions on the U.S.-Korea trade agreement draft implementing bill," U.S. Trade Representative Ron Kirk said in letters to key members of Congress. Minister: China Trade Surplus To Decrease UPI March 7, 2011 A number of factors will push China's trade surplus further down this year, Commerce Minister Chen Deming told a news conference. The minister said factors such as higher imports of high-tech products, green technology and iron ore, along with efforts to cut import tariffs, could even produce a deficit for a few months this year, China Daily reported. Calendar of Events March 15 March 15 March 30-April 1 April 5 April 7 April 13 April April 13 May 11 June 7 June 8 July 13 September October 6-7 November 9 International Benefits Committee* - New York City Tax Lunch Forum - Speaker: Joyce Meyer, Chief of Staff, House Budget Committee Chairman and Ways and Means - Washington, DC International Assignment Management Committee* - Minneapolis, MN Talent Management, Immigration & Workforce Deployment Trends: What Lies Ahead - New York City Global Talent Management Committee* - New York City (By invitation) Expatriate Management Committee* - New Orleans, LA International Benefits Committee* - New York City Tax Lunch Forum - Speaker: TBA (OECD/USCIB meeting is June 6-7) - Washington, DC Expatriate Management Committee* - San Jose, CA Fall Tax Meeting - Washington, DC March 11, NFTC Trade Matters Vol. 12 No. 10

5 December 7 Fall 2011 Fall 2011 National Foreign Trade Council Foundation s World Trade Dinner & Award Ceremony - TBA National Foreign Trade Council s Annual Meeting - TBA *Note: The WTO Committee Meetings, Trade Committee Meetings, Expatriate Management, Global Compensation, International Assignment Management, and International Benefits Committees are by invitation only. For information about them please contact NFTC at (202) or nftcinformation@nftc.org Links National Foreign Trade Council USA*Engage Global Innovation Forum Office of the U.S. Trade Representative U.S. Department of Commerce U.S. Foreign Agricultural Service International Trade Administration Federal Trade Statistics U.S. Census U.S. Department of State U.S. Export Portal California Institute for Federal Policy Research California Chamber of Commerce Public Policy Institute of California CalTrade Report United States District Export Council National District Export Council Commercial News USA Trade Matters is a weekly summary of news and events on the trade policy front for members of the National Foreign Trade Council and subscribers. To subscribe to Trade Matters or you have suggestions for articles, please us at nftcinformation@nftc.org Thank you 2011 National Foreign Trade Council 1625 K Street, NW, Suite 200 Washington, DC Phone: (202) Fax: (202) nftcinformation@nftc.org Please follow us on: March 11, NFTC Trade Matters Vol. 12 No. 10