By Lisa Malloy, director of Government Relations and Policy Communications
With approval of Trade Promotion Authority (TPA), Congress has taken a significant step towards advancing American economic, social and technological interests at home and abroad.
As an American high-tech manufacturer, Intel considers new measures in The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 that address the growing challenges of competing in a global and digital marketplace critical to economic growth and innovation. For the first time, this TPA bill directs U.S. negotiators to eliminate trade distortions and unfair competition by state-owned enterprises to ensure that they act based solely on commercial considerations. Another first can be found in updated intellectual property rights negotiating objectives to address trade secret theft. TPA also supports Information Technology Agreement expansion and will help prevent localization barriers, which undermine competition and reduce global trade by more than $90 billion each year.
Once signed into law by the President, U.S. trade negotiators will have clear instructions from Congress while strengthening America’s negotiating position to complete two critical trade agreements: the Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (T-TIP).
As I have written about in the past, TPP and T-TIP present enormous economic opportunity for U.S. businesses – large and small – and are poised to address 21st century trade barriers like intellectual property theft, forced technology transfer and compromised encryption standards.
TPP, in particular, will provide vast economic benefits for American industries, ranging from agriculture to high-tech. According to the Peterson Institute, TPP will contribute an estimated $77 billion in income benefits to the U.S. each year. What’s more, TPP will allow the U.S. to negotiate high-standard environmental and labor commitments from partner nations.
While there is still much to be done before future trade agreements are completed, on behalf of Intel’s 50,000 U.S. employees, we thank our representatives in Congress for supporting U.S. innovation, job creation and economic growth through trade with partner nations around the world.