Monday, June 17, 2024
US trade legislation welcomed

US trade legislation welcomed

FedEx, UPS and the Airforwarders Association (AfA) have all welcomed the introduction of trade promotion authority (TPA) legislation, allowing fast track government approval for new trade agreements.

The legislation will give the US president, Barack Obama, fast track authority to get Congressional approval to implement new trade agreements. Trade agreements include the Trans-Pacific Partnership, Transatlantic Trade and Investment Partnership and the Trade in Services Agreement. The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 is designed to help reduce barriers to trade and help US companies trade abroad.

AfA executive director, Brandon Fried says: “The record on trade agreements is clear. They allow American businesses to sell products, produce and services to the 95 per cent of consumers who live outside the US. Increasing trade helps businesses large and small grow and hire more people.”

FedEx Express executive vice president and chief operating officer, David Cunningham, says TPA will enable the US to “move forward” on its trade agenda and create new opportunities for growth for the US economy.

UPS chief executive officer, David Abney, explains: “Trade is vital to the US economy, supporting global growth and spurring job creation. We strongly encourage Congress and the Administration to work together to enact this vital legislation as soon as possible.”

Cunningham adds: “Modernising rules to reflect the transformation ushered in by the digital economy and simplifying regulatory processes, such as customs and paperwork for lower priced products, will open up even more opportunities for businesses of all sizes.”

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