The American Chemistry Council (ACC) recently lauded the introduction of the “Bipartisan Congressional Trade Priorities Act of 2014” by Senators Baucus and Hatch, along with Representative Camp, which will grant President Obama Trade Promotion Authority.
“ACC and our members applaud Senate and House leaders for championing legislation that will fast-track free trade agreements that are critical to the growth and global competitiveness of US chemical manufacturers,” said ACC president and CEO Cal Dooley. “Trade Promotion Authority (TPA) is essential to getting these agreements across the finish line.”
He continued, “As one of the nation’s leading export industries, the reduction or elimination of trade barriers and the opening of new markets are of critical importance to the US business of chemistry. The increased availability of low cost natural gas has been a game changer for the competitiveness of American chemical manufacturers, laying the groundwork for a broader manufacturing renaissance and attracting significant foreign investment to US shores.”
ACC forecasts US chemical exports to grow significantly, surpassing $200 billion in 2014 and expanding nearly 8% a year through 2018, according to Dooley.
“Trade agreements like the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership will pair those exports with new markets and help generate further economic growth and job creation in the US. ACC and our member companies look forward to working with Congress and partners in the Trade Benefits America Coalition to advocate strongly for the bill’s passage.”
Bill Allmond, SOCMA’s vice president of government and public relations, agrees with the Act. He said, “TPA is a critical tool to advance US trade agreements, ensure high-standard outcomes, and support US job growth within highly innovative industries such as specialty chemical manufacturing.”
TPA has been a key component of trade deals since the 1930s, added Allmond.