WASHINGTON, Dec. 10, 2015 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) today voiced its disappointment in the failure by Congress to include a solution to the Miscellaneous Tariff Bill (MTB) in the Trade Facilitation and Trade Enforcement Act of 2015, H.R. 644. William E. Allmond, SOCMA Vice President of Government and Public Relations, issued the following statement:
"Despite rising regulatory costs, raw material prices and overseas competition, Congress decided that now isn't a convenient time to provide duty suspension relief for specialty chemical manufacturers. Including the Miscellaneous Tariff Bill in its conference report on the Trade Facilitation and Trade Enforcement Act of 2015 should have been an easy task. While the bill includes many important outcomes on customs enforcement and intellectual property, there is continuing frustration among SOCMA members that there is no way forward for the MTB. They have been unable to take advantage of the benefits the MTB provides since Congress failed to renew the bill in December 2012, and many have been locked out of the process. SOCMA members' ability to innovate is one of the few sources of competitive advantage, and without the MTB, they incur higher prices for raw materials, R&D activity becomes more difficult, and their competitiveness declines in the global marketplace.
"We urge the House and Senate to quickly fulfill their pledge to find a way forward on passing the Miscellaneous Tariff Bill."
Since 1921, SOCMA has represented a diverse membership of small, medium and large chemical companies located around the world. www.socma.com
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SOURCE Society of Chemical Manufacturers and Affiliates