Trade and Investment Archives

Business Cheers as Senate Panel Green-Lights Russia Trade Bill

Published on July 19, 2012

capitolNew York, N.Y., July 19, 2012 – The United States Council for International Business (USCIB) welcomed the Senate Finance Committee’s approval of legislation to establish permanent normal trade relations (PNTR) with Russia.

“This is a critical first step in securing U.S. access to an important emerging market,” said USCIB President and CEO Peter M. Robinson.  “As Russia joins the World Trade Organization, it is opening up many new opportunities for foreign trade and investment, but the U.S. will miss out on these and be at a disadvantage versus our competitors if we do not adopt PNTR.  We urge swift consideration by the full Senate, and passage by both houses of Congress before the August recess.”

Russia’s upper house of parliament has voted to ratify entry into the WTO.  The country will become the WTO’s 156th member 30 days after Russian President Vladimir Putin approves the measure, and will begin cutting import tariffs and opening up large sectors of its economy to foreign investment.  Passage of PNTR is required to lift trade restrictions on Russia under the 1970s-era Jackson-Vanik amendment, which have been deemed to violate WTO rules.

Robinson noted that Russia is also taking steps to join the 34-nation Organization for Economic Cooperation and Development (OECD), which would entail additional steps to open Russia to foreign trade and investment.  Through its membership in BIAC, the Business and Industry Advisory Committee to the OECD, USCIB is working to advise the OECD and its member governments on appropriate terms for Russian entry into the organization, and is assessing the potential impact for U.S. business.

About USCIB:

USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence.  Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world.  With a unique global network encompassing leading international business organizations, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.  More information is available at www.uscib.org.

Contact:

Jonathan Huneke, VP communications, USCIB
(212) 703-5043 or jhuneke@uscib.org

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USCIB Urges USTR to Deny Ecuador Access to ATPA Preference Benefits

Published on July 2, 2012

Washington, D.C., July 2, 2012 – The United States Council for International Business (USCIB) has strongly supported the U.S. Government’s network of trade preference programs to accord qualifying developing countries duty-free access into the U.S. market.  We believe that these preference programs have, over time, shown their value to U.S. consumers, to U.S. manufacturers seeking inputs, and to the beneficiary nations.  But we have always seen these unilateral U.S. programs, including the Generalized System of Preferences (GSP), the Andean Trade Preference Act (ATPA), and the African Growth and Opportunity Act (AGOA) as conditional programs, not an entitlement.  We believe that beneficiary countries’ eligibility for these preference programs is appropriately conditioned under U.S. law and regulation on meeting the eligibility criteria.

In this regard, while we at USCIB are generally pleased with the reports the Office of the United States Trade Representative sent to the Congress last Friday, June 29, we are quite concerned with the USTR determination to maintain access to ATPA trade preference benefits for the Government of Ecuador.   With Peru and Colombia now moving up to full Free Trade Agreement partner status, Ecuador is the sole potential recipient of ATPA preferences going forward.  Yet, in recent years, the Government of Ecuador has flaunted international and ATPA standards in key areas of rule-of-law and respect for arbitral awards.  We appreciate that USTR has pointed out at some length these failings of the Government of Ecuador in their annual report to Congress last Friday.  But we are disappointed that USTR has, nonetheless, opted to maintain Ecuador’s access to ATPA preference benefits.  We urge that the Administration and the Congress reconsider this decision.  It is inappropriate to reward the Government of Ecuador for its behavior in these key areas with preferential access to our market.  Ecuador should only obtain these benefits by coming into compliance with the eligibility criteria in the ATPA statute.

About USCIB:
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence.  Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world.  With a unique global network encompassing leading international business organizations, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.  More information is available at www.uscib.org.

Contact:
Jonathan Huneke, VP communications, USCIB
(212) 703-5043 or jhuneke@uscib.org

More on USCIB’s Trade and Investment Committee

“G20 Governments Have Heard the Voice of Business,” Says USCIB President

Published on June 22, 2012
USCIB Chairman Terry McGraw (center), who also serves as vice chairman of the International Chamber of Commerce, speaks at the B20 Summit. ICC Chairman Gerard Worms is at left, and ICC Honorary Chairman Victor Fung at right.
USCIB Chairman Terry McGraw (center), who also serves as vice chairman of the International Chamber of Commerce, speaks at the B20 Summit. ICC Chairman Gerard Worms is at left, and ICC Honorary Chairman Victor Fung at right.

Earlier this week, USCIB President and CEO Peter M. Robinson attended the B20 business meetings preceding the G20 Summit in Los Cabos, Mexico, joining USCIB Chairman Harold (Terry) McGraw III and a host of global business leaders for intensive discussion and dialogue with G20 governments.

In a message to members reflecting on the summit’s outcome, Mr. Robinson wrote: “There is one thing I am certain of: G20 governments have heard the voice of business on a number of critical trade, investment and financial issues. To what extent the G20 truly listened to and learned from business will only be revealed through government actions going forward.”

The B20 Summit has become an annual accompaniment to the G20 Summit, attended by numerous business leaders and incorporating the involvement of each leg of USCIB’s global network – the International Chamber of Commerce (ICC), the International Organization of Employers (IOE) and BIAC, the Business and Industry Advisory Committee to the OECD.

Robinson said this year’s B20 meeting was a well-organized event that incorporated dialogue and exchange between business and government leaders, including both heads of state and heads of intergovernmental organizations, representing an opportunity for business to communicate its views. Position papers were developed through a consultative process established by Alejandro Ramirez, CEO of the Mexican company Cinepolis, who Robinson said “did a great job” as the B20 coordinator appointed by Mexican President Felipe Calderon.

Industry task forces organized by ICC and the World Economic Forum examined a wide range of issues in the lead-up to Los Cabos, with ICC leading the task force on trade and investment, which was co-chaired by ICC Honorary Chairman Victor Fung.  IOE Executive Vice President Daniel Funes de Rioja participated in the employment task force, which was co-chaired by USCIB Trustee Jeffrey Joerres, chairman and CEO of Manpower Inc. IOE and BIAC have organized business input to the G8/G20 labor ministerials.

In addition to Calderon, the B20 gathering was addressed by British Prime Minister David Cameron, Chilean President Sebastian Pinera, Australian Prime Minister Julia Gillard, Korean President Lee Myung-bak, Turkish Prime Minister Recep Tayyip Erdogan, Indonesian President Susilo Bambang Yudhoyono and Benin President Yayi Boni. The heads of major intergovernmental bodies also participated, including World Bank President Robert Zoellick, IMF Managing Director Christine Lagarde, OECD Secretary General Angel Gurria and WTO Director General Pascal Lamy.

According to Robinson, government leaders emphasized a common refrain:

  • a commitment to open markets and roll back protectionism
  • the importance of encouraging economic growth and job creation
  • a challenge to business to make its voice heard strongly and to go beyond basic recommendations
  • encouragement of the business community to measure results and actions by governments.

Robinson said business would indeed strive to hold the G20 accountable. “Certainly, the final communiqué endorsed a number of basic business messages,” he said. “I am optimistic and hopeful that the considerable energy that went into the organization of the B20 in Los Cabos will pay off in the long run, and that business will have a continued leadership role in the years ahead.”

Staff contacts: Rob Mulligan and Ronnie Goldberg

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USCIB Welcomes Inclusion of Canada and Mexico in Pacific Trade Talks

Published on June 19, 2012
Canadian Prime Minister Stephen Harper and President Obama in Los Cabos, Mexico
Canadian Prime Minister Stephen Harper and President Obama in Los Cabos, Mexico

Los Cabos, Mexico, June 19, 2012 – The United States Council for International Business (USCIB) applauds the announcement that Canada and Mexico have been invited to join the negotiations on a Trans-Pacific Partnership (TPP) agreement to open up trade and investment to drive economic growth and job creation in the Pacific region. USCIB President and CEO Peter M. Robinson issued the following statement from Los Cabos, where he attended the B20 business meetings as part of  this week’s G20 Summit:

 

“This is a very welcome development. We applaud the United States and the other countries involved in the TPP negotiations for finding a way to bring these two major economies into the TPP process without sacrificing critical objectives, including that that a TPP agreement must be ambitious and comprehensive, and it must be concluded and implemented quickly.

“With the U.S., Canadian and Mexican economies so closely integrated under NAFTA, it is important for American business, workers and consumers to have all three countries fully engaged as partners in the TPP effort. We encourage all three governments to take the opportunity to strengthen North American trade ties and address remaining barriers between us, to help build an even more open and competitive North America market.

“Trade and investment will be critical in helping the U.S. and the world grow our way to a stronger economy with more and better jobs. The developments in Los Cabos this week are an important indication that major governments in the Pacific region are committed to pursuing meaningful market-opening agreements to spur growth.”

About USCIB:
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence.  Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world.  With a unique global network encompassing leading international business organizations, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More information is available at www.uscib.org.

Contact:
Jonathan Huneke, VP communications, USCIB
(212) 703-5043 or jhuneke@uscib.org

More on USCIB’s Trade and Investment Committee

USCIB Applauds Introduction of Russia Trade Bill in Senate

Published on June 12, 2012

New York, N.Y., June 12, 2012 – The United States Council for International Business (USCIB) applauded today’s introduction of legislation in the Senate to establish permanent normal trade relations (PNTR) with Russia, which it said is essential to ensure access for American exports and investments in this important emerging market as it joins the World Trade Organization.

“Russian membership in the WTO is a long-sought goal of American and global business,” said USCIB President and CEO Peter M. Robinson.  “Now it is time for us to fulfill our end of the bargain.  In so doing we can help ensure not only a level playing field for our exports and investments, and the many American jobs they support, but also help to advance the rule of law in Russia and cement a stronger U.S. partnership with the country.”

Senators Max Baucus (D-Mont.), John Thune (R-S.D.), John Kerry (D-Mass.) and John McCain (R-Ariz.) unveiled legislation today to establish PNTR with Russia when it joins the WTO this summer.  Passage of the bill, which would repeal the 1974 Jackson-Vanik amendment, is necessary for American businesses to capitalize on new market access opportunities in Russia under the terms of its WTO accession.

Russia is also taking steps to join the Organization for Economic Cooperation and Development (OECD).  Through its membership in BIAC, the Business and Industry Advisory Committee to the OECD, USCIB is working to advise the OECD and its member governments on appropriate terms for Russian entry into the organization, and is assessing the potential impact for U.S. business of Russian OECD membership.

About USCIB:
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence.  Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world.  With a unique global network encompassing leading international business organizations, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.  More information is available at www.uscib.org.

Contact:
Jonathan Huneke, VP communications, USCIB
(212) 703-5043 or jhuneke@uscib.org

More on USCIB’s Trade and Investment Committee

New Tools in the Fight Against Investment Protectionism

Published on May 28, 2012
Jim Bacchus, who led the drafting of updated ICC Guidelines on International Investment
Jim Bacchus, who led the drafting of updated ICC Guidelines on International Investment

Former U.S. Congressman and former WTO Appellate Body Chairman Jim Bacchus spoke on behalf of USCIB and the International Chamber of Commerce (ICC) at a May 17 program, “Investment Protectionism and What to Do About It,” at the Cato Institute in Washington, D.C.

Bacchus, a USCIB delegate to ICC’s Trade and Investment Commission and chair of the drafting committee for the just-released updated ICC Guidelines for International Investment, joined Josh Kallmer, chief investment negotiator with the office of the U.S. Trade Representative, and Nancy McLernon, president and CEO of the Washington-based Organization for International Investment, on the panel of speakers at the event.

Currently the head of the global practice group at USCIB-member law firm Greenberg Traurig, Bacchus focused his remarks on the newly revised ICC guidelines, which seek to address new challenges in the international investment environment and further promote investment as a driver of economic growth. He explained the thinking that went into the first revision of these global benchmark guidelines since 1972, emphasizing their voluntary nature, their applicability to a wide range of sectors, forms of investment and countries, whether developed or developing.

Bacchus highlighted new chapters in the updated guidelines on emerging topics, including state-owned enterprises and corporate responsibility. The update maintains the fundamental structure from the earlier versions of the ICC guidelines, identifying key recommendations for each of the three main players in investment policy – the investor’s home government, the government of the host country for the investment and the private investor.

A key concept underlying the guidelines is that all three of these actors play important roles in creating successful policies, a welcoming investment climate and beneficial investment projects. In other words, in today’s competitive global economy, good investment policy in not simply a matter of a host government dictating terms to potential investors, but of all three groups working together for mutual benefit.

Bacchus and the other speakers agreed on the vital importance of foreign direct investment, both inward and outbound, in driving economic growth, job creation and competitiveness around the world and here at home. All three speakers noted the need to resist counterproductive investment protectionism, barriers or discrimination against foreign investors.

The three presentations sparked a lively exchange with the audience of academics, business representatives, Congressional staffers and investment policy practitioners. Dan Ikenson, director of Cato’s Stiefel Center for Trade Policy Studies, noted that Cato will be focusing increasingly on international investment issues in the future, as will USCIB.

To view a video of Bacchus’s presentation, please click here.

Staff contact: Shaun Donnelly

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USCIB Applauds Progress at US-China Strategic & Economic Dialogue

Published on May 4, 2012

New York, N.Y., May 4, 2012 – The United States Council for International Business (USCIB) hailed progress made on several fronts at the U.S.-China Strategic and Economic Dialogue (S&ED) talks in Beijing this week.  USCIB President and CEO Peter M. Robinson said the two countries had demonstrated a “commitment to strengthen and deepen our business and economic ties,” and applauded in particular plans to negotiate a bilateral investment treaty (BIT).

According to the U.S. Treasury Department, the economic track of this week’s S&ED talks resulted in several important developments for American business, including:

  • agreement to intensify negotiations of a U.S.-China BIT
  • China’s commitment to provide non-discriminatory treatment to all enterprises, including state-owned enterprises (SOEs), in terms of credit, taxation and regulatory policies
  • agreement by China to take part in international talks to develop new rules on export financing, increase transparency in rule-making, and open up new sectors to foreign investment
  • China’s pledge to take steps to join the WTO Government Procurement Agreement.

“Taken together, these commitments could go a long way toward addressing some of the U.S. business community’s major concerns,” Robinson said.  “As an organization that seeks to promote trade, investment and regulatory coherence between the U.S. and the rest of the world, we are especially pleased with the decision to enter into BIT negotiations and address the SOEs issue.  We commend the U.S. and Chinese government for demonstrating their commitment to strengthen and deepen our business and economic ties.”

USCIB has been a leading American business voice urging the two governments to negotiate a strong, comprehensive BIT.  Last month USCIB welcomed the release of a revised U.S. model bilateral investment treaty.  “BITs are important tools to open overseas markets for U.S. companies, and they help drive U.S. exports and jobs in an increasingly competitive global marketplace,” Robinson said at the time.  “We are glad to see the U.S. getting back in the game, to ensure that we don’t fall behind our competitors in terms of investment protections.”

USCIB has also pressed for new international disciplines to ensure competitive neutrality for SOEs vis-à-vis their private-sector counterparts, including in third markets, and is working with the U.S. and other governments to address the issue in the Trans-Pacific Partnership talks and in the OECD.

About USCIB:

USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and prudent regulation.  Its members include top U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world.  With a unique global network encompassing the International Chamber of Commerce, the International Organization of Employers and the Business and Industry Advisory Committee to the OECD, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.  More information is available at www.uscib.org.

Contact:
Jonathan Huneke, VP communications, USCIB
(212) 703-5043 or jhuneke@uscib.org

More on USCIB’s China Committee

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Citi’s Johnston to Spearhead USCIB’s Trade and Investment Work

Published on May 1, 2012
Charles R. Johnston
Charles R. Johnston

New York, N.Y., May 1, 2012 – Charles R. (Rick) Johnston, director and senior vice president for international government affairs with Citi, will take the reins on June 20 as chair of the United States Council for International Business (USCIB) Trade and Investment Committee.  The committee coordinates business advocacy among USCIB’s hundreds of member companies, advises the U.S. government on key trade and investment matters, and drives broader international support for open markets.

“We are very excited that Rick Johnston has agreed to lead USCIB’s trade and investment policy work,” said USCIB President and CEO Peter M. Robinson.  “He brings strong leadership and a truly global perspective.  We look forward to working closely with him to advance our strong pro-trade, pro-investment agenda on behalf of the American business community with U.S. and foreign policymakers, utilizing USCIB’s unique relationships with the International Chamber of Commerce, the Business and Industry Advisory Committee to the OECD and the International Organization of Employers.”

Responsible for Citi’s relationships with governments and political figures in over 100 countries, Johnston is an internationally recognized expert in global trade and investment, and has advised both U.S. and foreign government leaders as well as major multinational corporations on a broad array of commercial and strategic transnational issues.  In addition to his service as international trade counsel to the U.S. Senate Finance Committee and adviser to the U.S. International Trade Commission, Johnston has been an adjunct professor on international trade at the George Washington University law school, and has written extensively on trade and investment.

“I look forward to continuing and expanding USCIB’s leadership on trade and investment issues,” Johnston stated.  “With the recent release of a new model U.S. bilateral investment treaty, we will work with the U.S. government to further engage China, India and others in meaningful discussions to expand market access and secure greater protections for American companies.  We will also press for efforts to move forward on trade liberalization through the Trans-Pacific Partnership negotiations and through new approaches in the WTO.”

The Citi executive said he wants USCIB to address emerging trade and investment priorities for its membership, which includes top U.S. global firms, such as increased understanding of global value chains, creating a level playing field with state-owned enterprises and combating growing forced localization requirements.

Johnston will take over as committee chair from R. Scott Miller, director of national government affairs with The Procter & Gamble Company, who will be retiring at the end of June.  He will be supported by Rob Mulligan, senior vice president and head of USCIB’s Washington, D.C. office, among others.  “We have benefited tremendously from Scott Miller’s informed, intelligent and capable leadership over the past several years,” USCIB’s Robinson said.  “Backed by a number of key staff additions that have enhanced our capacity, Scott has done a lot to push our work on open markets to the next level.”

About USCIB:

USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and prudent regulation.  Its members include top U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world.  With a unique global network encompassing the International Chamber of Commerce, the International Organization of Employers and the Business and Industry Advisory Committee to the OECD, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.  More information is available at www.uscib.org.

Contact:
Jonathan Huneke, VP communications, USCIB
(212) 703-5043 or jhuneke@uscib.org

More on USCIB’s Trade and Investment Committee

New ICC Foreign Investment Guidelines Define Investor and Government Roles

Published on April 21, 2012

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Doha, Qatar and New York, N.Y., April 21, 2012 – The International Chamber of Commerce (ICC) has issued updated Guidelines for International Investment to address new challenges of the international investment environment and to further promote investment as a driver of economic growth, according to ICC’s U.S. affiliate, the United States Council for International Business (USCIB).

These revised guidelines – addressed to members of the global business community, government officials and other stakeholders – were launched at the World Investment Forum, organized by the United Nations Conference on Trade and Development (UNCTAD) in Doha, Qatar today.

While the value of cross-border direct investment has grown substantially in the past decade, international investors have reason to be concerned about the impact of recent developments and policies on the free flow of international investment.

“Investment underpins economic growth and has shared value for companies and governments alike,” said Peter Brabeck-Letmathe, chairman of Nestle. “It allows companies to establish themselves in global markets and creates ties between domestic and foreign companies, allowing them to expand their activities and create new jobs.”

The aim of the ICC guidelines is to facilitate cross-border investment for investors and governments, as well as to harness the vast potential of cross-border investment for stimulating balanced global growth. Trade and investment have the potential to reinvigorate the global economy during the present economic crisis, particularly by driving sustainable growth in developing countries.

“The nature of investment has evolved geographically, with developing economies accounting for more investment inflows and outflows,” said James Bacchus, co-chair of Greenberg Traurig’s global practice group, who chaired the drafting group for the revised ICC guidelines.

There has been a sharp increase, since the original guidelines were drafted in 1972, in international investment inflows to, and outflows from, developing and transition economies. In 2010, these accounted for 52 percent of the total investment inflows and 29 percent of total investment outflows.

Global inward investment flows now approach $1.2 trillion (U.S.), and sales of affiliates worldwide are just under $30 trillion, far in excess of world trade flows. There are also more than 2,800 bilateral investment treaties among the nations of the world.

The ICC guidelines revision took place under the aegis of ICC’s Commission on Trade and Investment, chaired by Geoff Gamble, director of international government affairs with DuPont and chair of USCIB’s Trade and Investment Committee.  Stephen Canner, a senior advisor with USCIB, also played a leading role in the revision.

The revision comes on the heels of last week’s joint statement by the U.S. and the European Union on shared principles for international investment, which USCIB applauded as “a high-level, concise endorsement of the key role of international investment in the global economy.”

More information on the revision of the ICC Guidelines for International Investment is available on ICC’s website (www.iccwbo.org).  The full text of the guidelines is available on USCIB’s website at www.uscib.org/docs/2012_04_21_icc_investment_guidelines.pdf.

About the International Chamber of Commerce

The International Chamber of Commerce (ICC) is the world business organization, a representative body that speaks with authority on behalf of enterprises from all sectors in every part of the world.  A world network of national committees keeps the ICC International Secretariat in Paris informed about national and regional business priorities. More than 2,000 experts drawn from ICC’s member companies feed their knowledge and experience into crafting the ICC stance on specific business issues.  The United Nations, the World Trade Organization, the G20 and many other intergovernmental bodies, both international and regional, are kept in touch with the views of international business through ICC.

About USCIB

USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and prudent regulation.  Its members include top U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world.  With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.  More at www.uscib.org.

Contact:
Jonathan Huneke, VP Communications, USCIB
+1 212.703.5043 or jhuneke@uscib.org

Revised ICC Guidelines for International Investment

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Business Coalition Pushes for Ambitious Trans-Pacific Partnership

Published on April 19, 2012

USCIB participated in an April 18 event on Capitol Hill event, organized by the U.S. Business Coalition for TPP, highlighting the importance of the Trans-Pacific Partnership negotiations to promote competitiveness, job creation and higher living standards across all the TPP countries.  Speakers at the event included U.S. Trade Representative Ron Kirk, House Rules Committee Chairman David Dreier, Senate Finance Committee Chairman Max Baucus, House Ways and Means Ranking Member Sandy Levin and ambassadors or their representatives from all the TPP countries.

“The TPP negotiations are at an important crossroads,” stated Rick Johnston, co-chair of the TPP coalition and senior vice president with Citi.  “With the 12th TPP negotiating round set to begin in Dallas in less than three weeks, it is critical for all TPP countries to redouble efforts to achieve the type of comprehensive, high-standard and commercially meaningful agreement across all sectors that the Leaders of all of the TPP countries called for last November.  Only by achieving such a high-quality agreement will the benefits to our economies and our industries, workers and consumers be realized.  And such an outcome requires U.S. leadership.”

Staff contact: Rob Mulligan

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