Free Trade Agreements (FTAs) and Their Importance to Your Business
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1 Free Trade Agreements (FTAs) and Their Imprtance t Yur Business API 2016 Internatinal Trade and Custms Cnference March 29, 2016 C-Chair, Internatinal Trade and Custms LBMeyer@venable.cm Tel
2 Radmap fr Tday s Presentatin Questins? Gals: Understand the Current Impact f FTAs n Petrleum and Related Industries Discuss Significant Upcming Changes t Trade What is the Ptential Impact n Yur Business? Greater Re-entry Savings? Enhanced Market Entry? Decreased Barriers? Greater Glbal Cmpetitin? Tday s discussin tpics: Overview f FTA Basics Fcus n Current Trade Agreements (TPP and TTIP) Discuss Other Imprtant New Tpics, like Custms Legislatin
3 What are Free Trade Agreements (FTAs)? Questins? FTAs are multilateral agreements (i.e., between 2+ Member Cuntries) where the members agree t certain trade bligatins. Typically, they include: Reductin f tariffs and ther regulatry barriers Prtectin f freign intellectual prperty Transparency in the develpment f prduct standards, etc. 14 FTAs in frce between U.S. and 20 cuntries Additinal Existing Multilateral and Bilateral Agreements (such as NAFTA, DR-CAFTA, etc.) Mre FTAs under negtiatin r cnsideratin
4 Hw d FTAs Differ frm WTO Trade Agreements? Questins? Wrld Trade Organizatin (WTO) is an intergvernmental rganizatin that regulates internatinal trade Cmpsed f 162 cuntries representing ver 96% f internatinal trade General Agreement n Tariffs and Trade (GATT) and ther agreements last revised in 1994 fllwing Uruguay Rund Mst recent WTO trade negtiatin, the Dha Rund, has been stalled fr several years, increasing the imprtance f FTAs
5 Why are FTAs Imprtant? Questins? Principal U.S. gals fr FTAs are: T reduce barriers fr U.S. exprts; Decrease csts fr U.S. imprters; Prtect U.S. interests abrad; and, Strive t enhance the rule f law in member cuntries New nrmal with America s rise as an energy pwerhuse: Requires new exprt pprtunities t establish new markets fr energy; Seeks t generate U.S. jbs; Develp and prmte the grwth f the U.S. energy industry
6 But FTAs are nt withut Cntrversy Questins? Cntrversial? U.S. Presidential hpefuls (Trump, Clintn, Sanders, and thers) have recently spken ut in sme way r ther against FTAs Envirnmental grups have sught t ppse Other cuntries and their industries threatened by expanding glbal exprts Disruptin f il and natural gas flw frm histric Mid East surces Cncurrent increase in U.S. utput with shale and natural gas exprts July 2015, ban n US il exprts lsened (highest level in 57 years)
7 Cngressinal Authrizatin Required Trade agreements are nt treaties, thus majrity apprval frm bth huses f Cngress is required. Hence, the necessity fr Trade Prmtin Authrity ( fast-track legislatin ) Questins? Image surce:
8 Questins?
9 Overview f the TPP Questins? Trade agreement amng 12 Nrth America and Pacific Rim cuntries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexic, New Zealand, Peru, Singapre, United States, and Vietnam Currently, 5 f these cuntries d nt have preferential market access agreements with the U.S. Japan, Vietnam, Malaysia, New Zealand, and Brunei Thus, greatest pprtunity fr expansin But, need t d yur hmewrk!
10 Trans-Pacific Partnership Questins? Surce:
11 Overview f the TPP Questins? Scpe Nearly 5,000 pages, 30 chapters, dzens f imbedded bilateral exchanges Requires a careful analysis f respective prvisins Better t use an existing Agreement (e.g., NAFTA) r TPP? Is the Cuntry f Origin Rule cnsistent r mre favrable? What is the assciated business impact?
12 Timeline f the TPP Questins? TPP negtiatins began in 2010 Cngressinal Trade Prmtin Authrity legislatin passed and became law in mid-2016 TPP signed in February 2016, after 7 years f negtiatins Decisin n when t begin frmal deliberatins n TPP nw rests with Cngress Once intrduced, Cngress has a maximum f 90 days t hld an up-r-dwn vte
13 TPP - Petrleum Questins? N chapter in TPP specific t energy r petrleum TPP is expected t increase U.S. exprts f il and liquid natural gas (LNG) In Japan, tariffs f up t 7.9% eliminated in 10 years; In Vietnam, tariffs f up t 20% eliminated within 10 years And, eliminatin f Vietnam s tariffs n butanes, prpane and LNG within 7 years entry TPP als expected t facilitate Canada s shipments f heavy crude mre easily, with inclusin f limited diluent frm nn- TPP cuntries fr pipe flws NAFTA Rules f Origin currently d nt allw fr use f nn-riginating diluent under NAFTA, instead facing per-barrel duty. And, ptential new pprtunities fr energy explratin effrts in the Asia-Pacific regin. New rules n SOEs including in il and gas industry t level the playing field
14 TPP - Chemicals Questins? Chemicals in the U.S. is an $800 billin industry, accunting fr nearly 25% f GDP and 800,000+ jbs. Chemical industry accunts fr 14% f all U.S. exprts ($191 billin in 2014). US chemical exprts t TPP member cuntries ttaled $8.7 billin in TPP culd generate $1.2 billin in estimated exprt grwth f U.S.-manufactured chemicals.
15 TPP Tariffs n Chemicals & Industrial Gds Questins? Chemicals currently face up t 35% tariffs in TPP member cuntries. Under TPP, significant reductins t barriers. Fr instance: Japan wuld eliminate tariffs n 100% f exprts immediately Malaysia wuld eliminate tariffs n 88.7% immediately and 92.8% within 4 years Vietnam wuld eliminate tariffs n 87.5% immediately and 99.7% within 4 years Tariffs f up t 24% n pumps fr liquids eliminated within 3 years New Zealand wuld eliminate tariffs n 83.2% immediately and 89.5% within 4 years.
16 TPP - Plastics Questins? TPP member cuntries represent a significant market fr highly cmpetitive U.S. plastics industry. Under TPP, tariffs as high as 25% wuld be eliminated and U.S. plastics prducers wuld enjy reciprcal market access in the new TPP cuntries: Japan wuld immediately eliminate all tariffs n U.S. plastics imprts. Tariffs f up t lesser f 6.5% r yen/kg n ethylene plymers eliminated immediately Vietnam wuld eliminate nearly all f its tariffs n plastics within 4 years. In Malaysia, tariffs f up t 20% n ethylene plymers eliminated within 5 years.
17 TPP Fighting Regulatry Incherence Questins? As cuntries gvernments amend r develp regulatins, these regulatins may vary frm cuntry t cuntry. Histric regulatry incherence : Increases csts f mving gds acrss brders Cncern fr highly-regulated industries, such as chemicals Lack f unifrm treatment can delay transactins
18 TPP New Cncept f Regulatry Cherence Questins? TPP is the first the first U.S. FTA t include a specific chapter n regulatry cherence. Amng ther things, TPP establishes a Cmmittee n Regulatry Cherence t cnsider issues n the implementatin and peratin f develpments in the area f gd regulatry practices. Streamlined investment prcesses and greater prtectins fr gds and service prviders in TPP cuntries Temprary entry arrangements fr prfessinals and emplyees within TPP cuntries fr an extended perid versus nrmal visa arrangements and stay requirements
19 What s Next fr TPP? Cngressinal vte n TPP will likely be delayed until the end f 2016, Likely after the U.S. Presidential and cngressinal electin in Nvember Decisin whether t grant Fast Track authrity fr the final pact s apprval. U.S. Gvernment readies itself, FTA Tariff Tl Questins?
20 Transatlantic Trade and Investment Partnership (TTIP) Questins?
21 Questins? Overview f Transatlantic Trade and Investment Partnership Prpsed free trade agreement between U.S. and Eurpean Unin (EU) The U.S.-EU ecnmic relatinship is the largest in the wrld. Tgether these tw accunt fr nearly half f wrld GDP and 30% f wrld trade. Fr United States, U.S. Trade Representative, part f the Executive Office f President Negtiates Fr EU: DG Trade, under the leadership f Cmmissiner, negtiates, but draws n knwledge/expertise frm acrss the Eurpean Cmmissin. Cmmissin infrms and cnsults EU Member States thrugh the Trade Plicy Cmmittee, cnsisting f senir fficials frm each Member State and the Freign Affairs Cuncil. The Eurpean Cmmissin infrms the Eurpean Parliament via its Cmmittee n Internatinal Trade in which members f the Eurpean Parliament have a seat.
22 Questins? Overview f Transatlantic Trade and Investment Partnership Already very lw tariffs between US and EU TTIP differs frm TPP and ther FTAs in that ne f the primary gals is t align regulatins/standards mre s than remve trade-inhibiting tariffs. Negtiatins started in summer 2013, still nging fllwing multiple runds f talks 23 majr tpics discussed in TTIP negtiatins Market Access (e.g., rules f rigin) Services and Investment (regulatry cherence) Regulatry Issues (chemicals) Sectral Annexes n Trade and Gds (e.g., Trade-related aspects f raw materials and energy; custms and trade facilitatin, dispute settlement)
23 Questins? TTIP - Petrleum U.S.-EU trade in diesel and petrl wrth $32 billin in Key questin: Whether t include a specific chapter fr energy? N energy-specific chapters included in WTO agreements Rare t include in FTAs, althugh NAFTA has ne (Chapter 6) As applicable sectrs f WTO agreements understd t generally apply t energy prducts, it may nt be necessary May be imprtant t the EU, t serve as a mdel fr subsequent negtiatins with ther cuntries Including an energy chapter in TTIP may als extend the Investr State Dispute Settlement (ISDS) prvisins f TTIP t energy, unless this sectr is carved ut. Eurpean investrs in the energy sectr wuld be able t bring claims against the US, and vice versa
24 US-EU Trade in Petrleum Questins? EU energy dependency rate fr crude abut 88% and 66% fr natural gas Given histric US exprt restrictins, minimal and reexprts f natural gas Anticipated that imprts and exprts f petrleum prducts (gasline, diesel) likely t increase. Imprtant shift: lifting f histric U.S. exprt ban as well as significant increase in US prductin Since TTIP remves tariffs and nn-tariff barriers, trade in petrleum prducts (gasline and diesel) expected t increase
25 EU US 2013 Trade by SITC per tn Cmmdity Imprts Exprts Cal 103,285,142 8 Briquettes, Lignite and Peat 1,231 24,314 Cke and Semi Cke 199,066 6,874 Petrleum Oils /Oils btained frm Bituminus, Other 17,905,931 22,054,330 Petrleum Oils /Oils btained frm Bituminus, Crude 4,843 3,173,598 Questins? Waste Oils 16,145 4 Residual Petrleum Prducts 5,954, ,022 Liquefied Prpane and Butane 1,484,660 1,819 Natural Gas, whether r nt liquefied 497, Petrleum Gases and ther gaseus hydrcarbns 4,917 32,552 Surce: Eurstat: Trade by SITC
26 TTIP Chemicals and Plastics Questins? These industries are particularly fcused n increasing the cherence f regulatins made n bth sides f the Atlantic. Gals: Eliminate r minimize cstly barriers t market entry. Minimize market disruptin thrugh cnsistent regulatins.
27 What s Next fr TTIP? Questins? TTIP negtiatins are still nging, mst likely fr years. Obama Administratin has stated that it prefers t cnclude negtiatins befre President s end f term, but this lks unlikely. Onging negtiatins prvide industry and business with the pprtunity t cntinue engaging with American negtiatrs.
28 Remember, it s Nt All abut U.S. Questins? Other imprtant Trade Agreements: China- Australia FTA (ChAFTA) 2015 Canada-Ukraine FTA (CUFTA) 2015 Australia-India FTA (CECA) 2015 negtiatins Canada-EU Cmprehensive Ecnmic and Trade Agreement (CETA) in discussin Glbal trade cnsideratins, a must!
29 Questins? Trade Facilitatin and Trade Enfrcement Act f 2015 (Custms Bill) Creatin f a Trade Remedy Enfrcement Divisin in DHS/CBP, effective August 2016, charged with: Develping and administering plicies t prevent, investigate, and cunter antidumping and cuntervailing duties evasin; Establishing targeted risk assessment methdlgies and standards; Issuing U.S. Trade Alerts t enhance mnitring; and, Prnuncing mre transparent prcedures and deadlines t the trading cmmunity Keep a watchful eye n such develpments, yur trade cmpliance and glbal cmpetitiveness depends upn it!
30 Questins? C-Chair, Internatinal Trade and Custms Tel
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