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 Continued progress on trade negotiations that open up markets for U.S. products and reduce tariffs and non-tariff barriers are essential to keep America competitive. AmCham Singapore believes that Congress should extend to the Executive Branch Trade Promotion Authority (TPA) to enter into trade agreements that promote America’s competitiveness. Congress and the Executive Branch should continue to pursue trade policies that support trade liberalization through expansion of bilateral free trade agreements (FTAs), the Doha Round, and active U.S. engagement in the Asia Pacific Economic Cooperation (APEC).
According to the U.S. Department of Commerce, American exports of goods and services in 2007 totaled more than $1.6 trillion – the highest recorded level for the United States. In fact, the National Association of Manufacturers (NAM) reports that exports are expected to grow by 7.6 percent in 2008, doubling the projected rate of import growth. This projected export growth marks the fourth-consecutive year that export growth outpaced increases in imports – a first in 17 years.
NAM also estimates that continued growth in exports will generate nearly a quarter of total U.S. economic expansion in 2008. As the United States tries to recover from its current economic slowdown, exports are an indispensable engine of growth.
Exporters are not just the big multinational corporations; 65% of all U.S. exporters are businesses with fewer than 20 employees. More than 5.1 million Americans receive their paychecks from U.S. subsidiaries of overseas-based companies. America drives the global economy, but 95 percent of the world’s consumers (and thus potential purchasers of U.S. products and services) live outside of the United States. Over the past six years, exports to U.S. FTA partners are growing twice as fast as U.S. exports to the rest of the world.
Therefore, Congress and the Administration should continue to pursue trade policies that support economic liberalization through an expansion of bilateral FTAs, the Doha round of multilateral agreements, and U.S. active engagement in the Asia Pacific Economic Cooperation (APEC). |
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AmCham Singapore's recommendations:
a. Support renewal of Trade Promotion Authority (TPA) to allow the U.S. government to enter into market-opening and economic-enhancing trade agreements.
b. Support approval of the Korea-U.S. (KORUS) Free Trade Agreement (KORUS FTA), which would support $78B in two-way trade between the United States and Korea. A KORUS FTA would eliminate tariffs on 95% of traded products within three years.
c. Support timely completion of negotiations on the U.S.-Malaysia FTA and resume negotiations on the U.S.-Thailand FTA.
d. Support continued U.S. engagement with the Association of Southeast Asian Nations (ASEAN) through the Enterprise for ASEAN Initiative (EAI), an eventual U.S.-ASEAN FTA, and pursue consideration of an Economic Integration Agreement with Japan.
e. Support U.S. participation and expansion of the Trans-Pacific Strategic Economic Partnership Agreement ( “P4”), signed by Brunei, Chile, New Zealand, and Singapore, to enhance trade opportunities for U.S. companies throughout the APEC region.
f. Support initiatives to promote fair and free trade in government procurement, to combat corruption, and support adherence to the Foreign Corrupt Practices Act (FCPA).
g. Oppose legislation that would harm U.S.-China trade relations.
h. Support a Generalized System of Preferences (GSP) program for Vietnam
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