SOCMA Applauds House Passage of Trade Promotion Authority

TPA ensures Congressional oversight, accountability, transparency in negotiating trade agreements

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Society of Chemical Manufacturers and Affiliates

Jun 18, 2015, 01:36 ET

WASHINGTON, June 18, 2015 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) today welcomes passage of Trade Promotion Authority by the U.S. House of Representatives.

TPA is a necessary first step in considering free trade agreements such as the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP).

"We commend Speaker of the House John Boehner (R-OH) and Ways and Means Committee Chairman Paul Ryan (R-WI) for their leadership in bringing this critical piece of legislation to the House floor for a vote," said William E. Allmond, SOCMA Vice President for Government and Public Relations. "The chemical industry is a major American exporter, and many of those that export their products are small and medium-sized companies," he said. "By passing TPA, Congress helps address the realities of 21st century trade issues in current and future U.S. trade negotiations. It's a critical update to ensure Congressional oversight, accountability and transparency in negotiating these free trade agreements."

"The rest of the world continues to negotiate agreements that open doors for their companies, and the U.S. needs to do the same," Allmond said. "These agreements allow our U.S. manufacturers to compete globally."

Free trade agreements are not only important economically, they are also important geopolitically and strategically. For example, TPP countries make up nearly 40 percent of the global economy, and chemical exports to TPP countries have increased by nearly $11 billion since negotiations began in 2010.

SOCMA strongly supports free trade, including both TTP and TTIP. "The U.S. chemical industry has more to gain in tariff reduction from the U.S.-EU agreement than any other manufacturing sector," Allmond said. "If approved, the industry would save more than $1 billion annually in eliminated tariffs."

From market access for U.S. products, to labor and environment, to intellectual property rights and investment protections, to currency manipulation, human rights and rule of law, TPA puts in place clear language to achieve strong U.S. outcomes and hold other countries accountable.

About SOCMA

SOCMA is the only U.S.-based trade association dedicated solely to the specialty chemical industry. For more information, please visit www.socma.com.

Contact:
Jenny Gaines
Senior Manager, PR & Communications
(202) 721-4123

SOURCE Society of Chemical Manufacturers and Affiliates