WASHINGTON, July 13, 2016 /PRNewswire-USNewswire/ -- "The American Council of Life Insurers (ACLI) announced its endorsement of the Trans Pacific Partnership (TPP). High standard, multilateral agreements like TPP offer important paths to economic growth, consumer choice, fair competition and job creation in the U.S. and partner nations.
"ACLI's support for TPP was made possible by a recent change in U.S. trade policy to eliminate data localization requirements in the financial services sector. ACLI commends this change in policy, to be reflected in subsequent trade agreements, including those currently in negotiation. The policy against data localization requirements will facilitate the highest possible utilization of cross-border data flow provisions in future trade agreements. ACLI deeply appreciates Congressional efforts on this issue, which were key to achieving this policy.
"ACLI applauds the willingness of the administration to work with industry stakeholders to address concerns. ACLI also looks forward to continuing to work closely with the Administration on effectively negotiating enforceable commitments with respect to TPP members and in future U.S. trade and investment agreements.
"The agreement is historic, establishing modernized rules and norms for all TPP member countries, accounting for 40 percent of global GDP. TPP will increase trade and investment for insurers throughout the Trans-Pacific region, which in turn supports American companies and creates high paying jobs at home. Consumers in TPP partner countries will have the full benefit of innovative and competitive life insurance products from U.S. companies.
"For the insurance industry, TPP will improve access, and equal and transparent treatment, in both developed and emerging markets in the Asia-Pacific region. The agreement aims to end discriminatory treatment against non-domestic businesses and reduce or eliminate other barriers to the establishment and operation of investments in TPP countries. This includes prohibitions against governments unlawfully taking over businesses or specifying performance requirements.
"TPP will promote greater transparency, participation, and accountability in the development of regulations and other governmental decisions. The TPP also addresses the importance of a level playing field by establishing broad, as well as more specific, commitments with respect to state-owned enterprises, which often have an unfair advantage over the private sector in marketplace competition.
"This agreement, combined with the new U.S. policy on data localization for the financial services sector, creates a 21st century trade agenda upon which future trade agreements should be modeled. It allows U.S. companies to bring innovative life insurance and retirement security products to a large group of potential new customers.
"ACLI looks forward to working for TPP's earliest possible approval by Congress."
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 280 member companies operating in the United States and abroad. ACLI advocates in state, federal, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers' products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing 95 percent of industry assets. Learn more at www.acli.com.
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SOURCE American Council of Life Insurers