Intel joins the President in the call for Congress to pass trade promotion authority (TPA) legislation. As the world’s leader in semiconductor chips and innovative technology, Intel realizes the importance of overseas trade and sales. More than three-quarters of Intel’s revenue comes from sales outside the U.S., while roughly three-quarters of Intel’s advanced microprocessor manufacturing and R&D is done here in the U.S.
TPA offers Congress the opportunity to establish trade negotiating objectives, set a specific consultation process throughout trade agreement negotiations, as well as procedures for Congress to consider negotiated trade agreements. TPA also offers an opportunity to strengthen standards for a digital economy that has grown in size and complexity since the last time Congress granted the President TPA.
Intel strongly supports robust free trade agreements which open up foreign markets and level the playing field so that American businesses can keep growing. U.S. economic growth continues to depend on trade with markets around the globe, and we need TPA and future agreements to succeed in today’s digital economy.
Access to foreign markets does not just impact Intel and its employees. We have over 16,000 suppliers worldwide. More than 7,300 of our suppliers are U.S. based, located in 46 states. We are proud to be an economic engine in the communities where we do our cutting-edge manufacturing. In addition, to the direct economic impacts of our manufacturing and R&D investments, Intel also has a substantial multiplier effect on job growth and U.S. GDP. For every Intel job in the U.S., an additional 13 American jobs are supported, resulting in a total of 774,600 jobs.
Now more than ever, we are encouraged by President Obama’s remarks during his State of the Union address and remain committed to advocating for trade promotion authority to strengthen the U.S. economy in the year ahead.