President Obama signed into law HR-5986, which has provisions that involve trade with sub-Saharan Africa and Central America, and contains provisions to renew authorities under the Burma Freedom and Democracy Act. Congress passed the bill with overwhelming bipartisan support, the White House said. It addresses sub-Saharan Africa’s top trade priority with the U.S. by extending a key provision under the African Growth and Opportunity Act trade preference program until September 2015, the White House spokesman said. This provision, which was set to expire in the fall, will continue to allow duty-free access to the U.S. market for certain AGOA apparel exports. AGOA continues to be critical to expanding and diversifying our trade and investment relationship with Africa. The bill also includes technical amendments to textile and apparel provisions under the Central America--Dominican Republic--U.S. Free Trade Agreement (CAFTA-DR). The technical changes will have real job-supporting economic benefits for thousands of American workers in our textile and apparel industry, and will help boost economic growth in these developing regions, the White House said.
President Barack Obama signed into law S-2061, the "Former Charleston Naval Base Land Exchange Act of 2012." The law, signed July 18, authorizes the Department of Homeland Security to convey a parcel of federal land in North Charleston, S.C., to the South Carolina State Ports Authority in exchange for three specified parcels of land owned by the Ports Authority in Charleston, S.C.
President Barack Obama nominated Mark Barnett to serve on the U.S. Court of International Trade. Barnett has been deputy chief counsel in the Office of Chief Counsel for Import Administration at the Commerce Department since 2005.
President Barack Obama signed HR-4348, which extends funding for surface transportation programs for two years, during a July 6 ceremony with construction workers, the White House said in a press release. The legislation includes some new financial requirements for domestic transport brokers but largely exempts brokers dealing with international trade.
President Barack Obama will sign HR-4348, which would extend funding for surface transportation programs for two years, during a July 6 ceremony with construction workers, the White House said in a press release. The legislation includes some new financial requirements for domestic transport brokers but largely exempts brokers dealing with international trade.
President Barack Obama said seven cotton fiber products should be added to the list of those eligible for duty-free treatment under the program when imported from least developed country beneficiaries, in the Administration’s 2011 Annual Review under the Generalized System of Preferences program. Adding the products implements one element of the LDC trade initiatives that the Office of U.S. Trade Representative announced at the December 2011 World Trade Organization Ministerial, said USTR Ron Kirk.
The U.S. "welcomes" the European Union’s prohibition of all Iranian crude oil imports and other sanctions on Iran's oil industry, which took effect July 1, the White House press secretary said. He said the EU decision "represents a substantial additional commitment on the part of our European allies and partners.".
President Barack Obama proclaimed Gibraltar and the Turks and Caicos Islands to be be "high income" countries for purposes of the Generalized System of Preferences, both effective Jan. 1, 2014. He also said the Republic of Senegal should be designated a least-developed country for purposes of the GSP.
The G20 is "firmly committed to open trade and investment, expanding markets and resisting protectionism in all its forms, which are necessary conditions for sustained global economic recovery, jobs and development," G20 leaders said in their closing statement: "We underline the importance of an open, predictable, rules-based, transparent multilateral trading system and are committed to ensure the centrality of the World Trade Organization."
"It is clear that still more can and should be done to boost agriculture exports," said an Obama Administration report on America's agricultural economy released June 11. "The President's National Export Initiative has opened new markets for U.S. agricultural products and services and contributed to a historic level of agricultural exports." it said, and free trade agreements with Korea, Panama, and Colombia are projected to boost U.S. agricultural exports by $2.3 billion per year. The report noted that many sectors of the U.S. economy are running trade deficits, but American agriculture has enjoyed a trade surplus, with record levels of farm exports at $137.4 billion for fiscal year 2011.