Page 17 - THE SOUTH CHINA BUSINESS JOURNAL
P. 17
U.S. may be the only country whose
government says — against all this evidence —
that trade pacts are out of fashion.
And yet, the record of America’s FTAs is remarkably
positive. While U.S. FTA partners represent just 6%
of the world’s population outside the United States,
in recent years they have regularly purchased
nearly half of all U.S. exports.
Further, U.S. exports to new FTA partner
countries have grown roughly three times
as rapidly on average in the five-year period
following the agreement’s entry-into-force as
the global rate of growth for U.S. exports, as
Chamber research shows.
U.S. FTAs have eliminated duties on approximately
99% of tariff lines in almost every case (and 100%
in some instances). In this regard, U.S. FTAs are
often far superior to those negotiated by other
countries. They’re based on principles of fairness,
openness, and accountability.
In recent months, members of Congress on both
sides of the aisle have spoken out about the need
for America to get off the sidelines and back in the
game on trade.
This should come as no surprise: The
Constitution gives Congress the leading role
on trade policy, assigning it the power “to
regulate commerce with foreign nations” and the
authority to impose tariffs.
Congressional trade leaders have laid out trade
priorities that the U.S. Chamber strongly supports,
including the following:
• Resume negotiations for new FTAs with the UK,
America’s closest ally, and Kenya, a promising
market in East Africa, and explore launching
negotiations with Ecuador, Uruguay, and others;
• Raise our ambitions in the Indo-Pacific
Economic Framework discussions to include tariff-
elimination and market access as well as binding
and enforceable rules in key areas such as digital
trade; and
• Approve the Miscellaneous Tariff Bill and renew
the Generalized System of Preferences, both of
which enjoy broad bipartisan support.
For too long, America has been on the sidelines
of trade while our economic competitors have
been leaving us in the dust. If we want to create
jobs and grow new industries here on our shores,
there’s no excuse for our inaction on trade. Let’s
get back in the game — now.
SOUTH CHINA BUSINESS JOURNAL 14
government says — against all this evidence —
that trade pacts are out of fashion.
And yet, the record of America’s FTAs is remarkably
positive. While U.S. FTA partners represent just 6%
of the world’s population outside the United States,
in recent years they have regularly purchased
nearly half of all U.S. exports.
Further, U.S. exports to new FTA partner
countries have grown roughly three times
as rapidly on average in the five-year period
following the agreement’s entry-into-force as
the global rate of growth for U.S. exports, as
Chamber research shows.
U.S. FTAs have eliminated duties on approximately
99% of tariff lines in almost every case (and 100%
in some instances). In this regard, U.S. FTAs are
often far superior to those negotiated by other
countries. They’re based on principles of fairness,
openness, and accountability.
In recent months, members of Congress on both
sides of the aisle have spoken out about the need
for America to get off the sidelines and back in the
game on trade.
This should come as no surprise: The
Constitution gives Congress the leading role
on trade policy, assigning it the power “to
regulate commerce with foreign nations” and the
authority to impose tariffs.
Congressional trade leaders have laid out trade
priorities that the U.S. Chamber strongly supports,
including the following:
• Resume negotiations for new FTAs with the UK,
America’s closest ally, and Kenya, a promising
market in East Africa, and explore launching
negotiations with Ecuador, Uruguay, and others;
• Raise our ambitions in the Indo-Pacific
Economic Framework discussions to include tariff-
elimination and market access as well as binding
and enforceable rules in key areas such as digital
trade; and
• Approve the Miscellaneous Tariff Bill and renew
the Generalized System of Preferences, both of
which enjoy broad bipartisan support.
For too long, America has been on the sidelines
of trade while our economic competitors have
been leaving us in the dust. If we want to create
jobs and grow new industries here on our shores,
there’s no excuse for our inaction on trade. Let’s
get back in the game — now.
SOUTH CHINA BUSINESS JOURNAL 14
