Contact: Ryan Baldwin (202) 249-6517
Email: [email protected]
WASHINGTON (January 28, 2015) – The American Chemistry Council (ACC) released the following statement in response to hearings this week by the House Committee on Ways and Means and the Senate Committee on Finance on advancing the U.S. trade policy agenda:
“We commend Ways and Means Committee Chairman Paul Ryan, Finance Committee Chairman Orrin Hatch and U.S. Trade Representative Michael Froman for their continued and demonstrated commitment to advance our nation’s trade policy agenda and grow our economy.
“ACC strongly supports a robust and agile U.S. trade policy. Trade opens markets for U.S. chemical manufacturers around the world; it breaks down barriers and helps businesses that rely on our products to sell more goods and services to the 95 percent of consumers that live outside our borders.
“Thanks to our country’s abundant shale gas supply, U.S. chemical manufacturers as of January have announced 220 investment projects valued at $137 billion. Much of that investment is geared toward export markets, which can help improve the U.S. trade deficit. In 2014, U.S. chemical exports surpassed $190 billion and are expected to expand nearly eight percent per year through 2019.
“Finalizing negotiations this year on a Trans-Pacific Partnership (TPP) and Trans-Atlantic Trade and Investment Partnership (TTIP) will boost the U.S. chemical manufacturing sector’s competitiveness while also driving wider economic growth. An ambitious outcome on the TPP has the potential of generating $1.2 billion in additional export growth. Eliminating the few remaining tariff barriers in chemicals trade through a comprehensive TTIP would save $2 billion per year for chemical manufacturers. And duty relief provided by the Miscellaneous Tariff Bill and Generalized System of Preferences will help level an uneven playing field by reducing import costs for American manufacturers.
“ACC urges Congress and the President to continue to show strong resolve for renewing Trade Promotion Authority so the Administration can move expeditiously toward capitalizing on the newfound competitive advantage of U.S. chemical manufacturers to grow the economy, create jobs and drive export growth.”
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