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NTFC Calls For Reform of US Trade Preferences for Developing Countries,
by Leroy Baker, Tax-News.com, New York
Thursday, April 30, 2009
The National Foreign Trade Council (NFTC) has joined other leading business
and non-governmental organizations in urging the United States Congress and
the Obama administration to reform and renew US trade preference programs
for developing countries.
In a letter sent to the US Trade Representative and the Chairmen and Ranking
Members of the Senate Finance Committee and the House Ways and Means Committee,
the organizations outlined suggestions for preference reform.
"Trade preference programs play a significant role in promoting economic
growth and development both at home and abroad. These programs provide tangible
economic opportunities for the citizens of developing countries, and it is in
our national interest to pursue policies that help reduce poverty among the
world's poorest populations," said NFTC President Bill Reinsch. "Preference
reform coupled with the successful conclusion of the Doha Round will help stimulate
the global economy and deliver significant benefits to developed and developing
countries."
"To help counter the negative impact of the global economic downturn on
developing countries, it is imperative for Congress and the Administration to
seek timely renewal of expiring trade preference programs," said NFTC Vice
President for Regional Trade Initiatives Chuck Dittrich. "The United States
should not stop there, however. We urge policymakers to go a step further to
reform trade preference programs to ensure their effectiveness in delivering
benefits and addressing unmet needs. Doing so will not only benefit less developed
countries, but will also help US companies and workers to remain competitive
by decreasing the cost of needed manufacturing and other inputs."
In addition to the NFTC, which represents hundreds of companies and advocates
free global trade, the letter was signed by 28 other organizations, including
Bread for the World, Business Roundtable, the Corporate Council on Africa, the
National Retail Federation, Oxfam America and the US Chamber of Commerce.
The letter included a joint proposal for US preference program reform, which
called for the establishment through legislation of a simple, unified US trade
preference program enhanced benefits for least developed countries, sub-Saharan
Africa and designated low middle-income countries, including extension of duty-free,
quota-free market access for all products.
In October 2008, Congress approved legislation that renewed the Generalized
System of Preferences (GSP) for one year and the Andean Trade Preference Act
(ATPA) for up to one year in certain circumstances.
The GSP has been in effect since 1976 and is the basis for all US trade preference
programs. The program provides preferential treatment for 4,650 products from
144 developing countries, including 43 least-developed countries. Prior to the passing of the legislation, the GSP was due to
expire on December 31, 2008.
The legislation renewed ATPA for one year for Colombia and Peru, six months
for Bolivia and Ecuador, plus an additional six months for the latter two countries on the proviso that they satisfy the ATPA criteria.
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