U.S. Trade Pacts Aim to Increase U.S. Exports, Reduce Customs Costs, Says Froman
The Obama Administration is pursuing arguably the most ambitious trade agenda in U.S. history to increase U.S. exports, raise international trade standards, address emerging dynamics and strengthen the global multilateral trading system, said U.S. Trade Representative Michael Froman at the…
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Economist Buttonwood conference on Oct. 30, according to a release. “That’s why we’re pursuing the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (T-TIP), which together will allow us to conduct free trade with economies representing nearly two-thirds of global GDP,” said Froman. “It’s also why we’ve pressed for a binding agreement on trade facilitation at the WTO -- which has the potential to reduce the costs of customs, clearance, logistics, border measures, and other inefficiencies by 10 percent for developed countries and nearly 14 percent for developing countries -- estimated to increase global incomes by literally hundreds of billions of dollars.” The U.S. is also pursuing Bilateral Investment Treaty (BIT) negotiation with China, while aiming to deepen trade ties with India, Brazil, Sub-Saharan Africa and the Middle East, said Froman.