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U.S.-India Trade Relations [Updated October 2, 2019]
From the Document: "The United States and India view one another as important strategic partners to advance common interests regionally and globally. [...] The Trump Administration, which views bilateral trade balances as an indicator of the health of a trading relationship, takes issue with the U.S. trade deficit with India, and has criticized India for a range of 'unfair' trading practices that restrict U.S. exports to and investment in India. Indian Prime Minister Modi's first term fell short of many observers' expectations, as India did not move forward with anticipated market-opening reforms, and instead increased tariffs and trade restrictions. Modi's strong electoral mandate may embolden the Indian government to press ahead with its reform agenda with greater vigor. Recent slowing economic growth in India raises concerns about India's business environment."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Kronstadt, K. Alan
2019-10-02
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U.S.-India Trade Relations [Updated April 3, 2019]
From the Document: "The United States and India view one another as important strategic partners to advance common interests regionally and globally. Bilateral trade in goods and services is 2% of U.S. world trade, and has grown in recent years (Figure 1). The trade relationship is more consequential for India; in 2017, the United States was its second largest export market (16% share) after the European Union (EU, 17%), and third largest import supplier (6%) after China (17%) and the EU (10%). U.S.-India foreign direct investment (FDI) is small, but growing. Defense sales also are significant in bilateral trade. Civilian nuclear commerce, stalled for years over differences on liability protections, has produced major potential U.S. supply contracts. The Trump Administration, which views bilateral trade balances as an indicator of the health of a trading relationship, takes issue with the U.S. trade deficit with India, and has criticized India for a range of 'unfair' trading practices. Countering this view, India notes that the U.S. bilateral trade deficit dropped in 2018. The causes and consequences of trade deficits are debated."
Library of Congress. Congressional Research Service
Kronstadt, K. Alan; Akhtar, Shayerah Ilias
2019-04-03
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Intellectual Property Rights (IPR) and International Trade [Updated March 13, 2019]
From the Document: "What is intellectual property (IP), and how is it protected? IP is a creation of the mind embodied in physical and digital objects. Intellectual property rights (IPR) are legal, private, enforceable rights that governments grant to inventors and artists. IPR generally provide timelimited monopolies to right holders to use, commercialize, and market their creations and to prevent others from doing the same without their permission (acts referred to as infringements). IPR are intended to encourage innovation and creative output. After these rights expire, other inventors, artists, and society at large can build on them."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Fergusson, Ian F.
2019-03-13
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Trump Administration's Proposed Removal of Generalized System of Preferences (GSP) Benefits for India and Turkey [March 15, 2019]
From the Document: "On March 4, 2019, President Trump notified Congress of his intent to terminate India's and Turkey's eligibility for the Generalized System of Preferences (GSP), a U.S. trade program that provides nonreciprocal, duty-free tariff treatment to certain products imported from designated beneficiary developing countries (BDCs), in order to grow and develop their economies. Potential eligibility changes are subject to annual review and public notice and comment. The President's determination on India arose from a review of the country's market access practices; for Turkey, it was due to the country's increased level of economic development. By law, the President must notify Congress at least 60 days before a GSP status change may take effect. Congress may hold hearings, work with the U.S. Trade Representative (USTR) on alternative strategies, and/or enact legislation to modify or reverse the President's determination."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Jones, Vivian Catherine
2019-03-15
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Proposed Transatlantic Trade and Investment Partnership (TTIP): In Brief [July 23, 2013]
"Congress has the constitutional authority to 'regulate commerce with foreign nations.' Thus, it has an important legislative, oversight, and advisory role when trade agreements are being negotiated. The Transatlantic Trade and Investment Partnership (TTIP) is a proposed free trade agreement (FTA) being negotiated between the United States and the European Union (EU). Both sides envision the TTIP as a 'comprehensive' and 'high-standard' FTA. They seek, among other things, to increase market access through the elimination of barriers to trade and investment in goods, services, and agriculture, and enhance regulatory cooperation. The two sides also seek to use eventual TTIP commitments on the global scene: to advance trade liberalization; set rules and standards; and address challenges associated with the rising economic powers (REPs). The United States and the European Union held the first round of TTIP negotiations the week of July 8, 2013 in Washington, DC. The next round is scheduled for the week of October 7, 2013 in Brussels."
Library of Congress. Congressional Research Service
Jones, Vivian Catherine; Akhtar, Shayerah Ilias
2013-07-23
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Proposed Transatlantic Trade and Investment Partnership (T-TIP): In Brief [June 11, 2014]
"The Transatlantic Trade and Investment Partnership (T-TIP) is a proposed free trade agreement (FTA) being negotiated between the United States and the European Union (EU). Congress retains the constitutional authority to 'regulate commerce with foreign nations,' and has a direct interest in the T-TIP, both through influencing the Administration's positions on issues in the negotiations and approving implementing legislation for any final T-TIP agreement for it to enter into force. The 113th Congress may consider the renewal of Trade Promotion Authority (TPA) for the T-TIP. Negotiators on both sides envision the T-TIP as a comprehensive and high standard FTA. They seek to (1) increase market access through the elimination of barriers to trade and investment in goods, services, and agriculture and the further opening of government procurement markets; (2) enhance regulatory coherence and cooperation; and (3) develop new rules in areas such as foreign direct investment, intellectual property rights, labor, the environment, and emerging '21st century' areas of trade (e.g., regulating data flows, trade facilitation in a supply chain environment, and the role of state-owned enterprises). The United States and EU also seek to use commitments reached in the T-TIP to advance multilateral trade liberalization, set globally-relevant rules and standards, and address challenges associated with the growing role of China and other emerging markets in the global economy."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Jones, Vivian Catherine
2014-06-11
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Transatlantic Trade and Investment Partnership (TTIP) Negotiations [February 4, 2014]
"In February 2013, U.S. and European Union (EU) leaders announced plans to negotiate a comprehensive and high-standard free trade agreement (FTA) between the United States and the EU, referred to as a proposed Transatlantic Trade and Investment Partnership (TTIP). Formal negotiations commenced in July 2013, and three rounds of negotiations have been held to date, and a fourth round is scheduled for March 2014. If concluded as envisioned, TTIP could be the largest FTA in the world in terms of economic size and serve a number of strategic U.S. policy goals. Congress, which has the constitutional authority to 'regulate commerce with foreign nations,' has a direct interest in the TTIP negotiations, both through influencing U.S. trade negotiating objectives and considering implementing legislation for any final TTIP agreement for it to enter into force. Congress also may consider legislation to renew Trade Promotion Authority (TPA), which expired in 2007, to further define U.S. trade negotiating objectives and provide expedited legislative procedures for the consideration of a bill to implement a final TTIP agreement. The TTIP negotiations may raise debates among Members of Congress on the role and direction of U.S. trade policy, as well as the costs and benefits of trade liberalization."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Jones, Vivian Catherine
2014-02-04
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Intellectual Property Rights and International Trade [April 4, 2014]
"This report provides background on intellectual property rights (IPR) and discusses the role of U.S. international trade policy in enhancing IPR protection and enforcement abroad. IPR are legal rights granted by governments to encourage innovation and creative output by ensuring that creators reap the benefits of their inventions or works. […] IPR issues related to international trade policy may figure prominently in the 113th congressional agenda. Congress may: [1] examine the role of IPR in U.S. trade policy, including through consideration of IPR trade negotiating objectives in a renewal of Trade Promotion Authority (TPA); [2] conduct oversight of implementation of the IPR commitments in existing trade agreements, as well as in the current U.S. trade negotiations on the TPP and TTIP; [3] conduct oversight of the role of IPR in U.S. economic growth and innovation, and how the protection and enforcement of IPR relates to other public policy goals, such as access to medicines in poor or developing countries and the free flow of data; [4] consider the possibility of additional policy options to address IPR concerns in emerging economies that are not a part of existing U.S. FTAs [Fair Trade Agreement(s)] or included in current U.S. FTA negotiations, as well as new and evolving IPR issues, such as with respect to indigenous innovation, 'forced' localization barriers to trade, and trade secret theft through cybercrime; and [5] examine the effectiveness of the current U.S. coordinating structure and the adequacy of current federal resources for promoting international IPR support."
Library of Congress. Congressional Research Service
Fergusson, Ian F.; Akhtar, Shayerah Ilias
2014-04-04
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India-U.S. Economic Relations: In Brief [September 26, 2014]
"As the world's 3rd largest economy, India is an important trade and economic partner for the United States. The upcoming September 29-30 visit by recently elected Prime Minister Narendra Modi, his first to Washington, DC, has heightened congressional interest in the current status of the relationship. Modi's visit provides the Obama Administration with an opportunity to advance the U.S.-India strategic partnership, including by discussing ways to foster greater trade and investment between the two nations. May 2014 parliamentary elections in India brought a new government into power, led by the Bharatiya Janata Party (BJP) and Prime Minister Modi. Prime Minister Modi's victory was widely seen as a mandate for the new government to pursue economic policies similar to those Modi implemented during his 15 years as Chief Minister of India's Gujarat state. Although merchandise trade between India and the United States has grown rapidly over the last five years, each nation contends that some aspects of the other's economic and trade policies hinder greater trade and investment growth. For example, the Obama Administration considers India's intellectual property rights (IPR) protection as inadequate, and its localization policies as non-tariff trade barriers. The Indian government considers current U.S. laws on visas for temporary foreign workers and payroll taxes as non-tariff trade barriers that discriminate against Indian workers. While both governments maintain that their policies are compliant with international agreements and respond to domestic needs, these perceptions continue to create tension in bilateral relations."
Library of Congress. Congressional Research Service
Martin, Michael F.; Akhtar, Shayerah Ilias; Kronstadt, K. Alan . . .
2014-09-26
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U.S. Government Agencies Involved in Export Promotion: Overview and Issues for Congress [January 31, 2013]
"In times of economic crisis, including the global financial crisis of 2008-2009 and ensuing economic downturn, Congress often has debated on how best to promote U.S. commercial exports as a policy tool for economic growth and job creation. Congressional interest in U.S. export promotion policy has risen with President Obama's announcement of a National Export Initiative (NEI) in his 2010 State of the Union Address. The NEI is a strategy for doubling U.S. exports by 2014 in order to help generate 2 million new jobs in the United States through increased coordination and funding of federal export promotion activities; greater financing for U.S. exporters; increased government advocacy on behalf of U.S. exporters; and negotiation of new trade agreements and stronger enforcement of existing U.S. trade agreements. With the increased focus on export promotion efforts, some Members of Congress have placed greater priority on understanding the functions, coordination, and budgets of federal government agencies involved in export promotion. Such an understanding may support increased congressional oversight of U.S. export promotion policy and related legislative activity. It also may assist Members of Congress in supporting the efforts of their constituents to learn about federal export promotion services and to become involved in exporting. The 113th Congress could conduct oversight and legislate on a range of export promotion issues. This report provides an overview of the federal agencies that participate in U.S. export promotion efforts and the issues that they raise for Congress. While this report focuses on the role of the federal government in promoting exports, it is important to acknowledge that state and local governments, as well as businesses, also have an important role in promoting exports."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Hanrahan, Charles; Villarreal, M. Angeles
2013-01-31
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Intellectual Property Rights and International Trade [February 17, 2011]
"This report provides background on intellectual property rights (IPR) and discusses the role of U.S. international trade policy in enhancing IPR protection and enforcement abroad. IPR are legal rights granted by governments to encourage innovation and creative output by ensuring that creators reap the benefits of their inventions or works, and they may take the form of patents, trade secrets, copyrights, trademarks, or geographical indications. U.S. industries that rely on IPR contribute significantly to U.S. economic growth, employment, and trade with other countries. Counterfeiting and piracy in other countries may result in the loss of billions of dollars of revenue for U.S. firms as well as the loss of U.S. jobs. Responsibility for developing IPR policy, engaging in IPR-related international negotiations, and enforcing IPR laws cuts across several different U.S. government agencies. Promoting the enforcement of IPR is an important component of U.S. international trade policy. Since the 1995 Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement) at the World Trade Organization (WTO), trade policy has been used to promote enforcement of IPR abroad. The United States and several trading partners have been negotiating the Anti-Counterfeiting Trade Agreement (ACTA), which would surpass TRIPS Agreement commitments."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Fergusson, Ian F.
2011-02-17
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U.S. Trade Policy: Background and Current Issues [Updated July 22, 2019]
From the Document: "Congress plays a major role in U.S. trade policy through constitutional authority over tariffs and foreign commerce (Article 1, §8). Since World War II, U.S. trade policy has generally sought to: [1] liberalize markets by reducing trade and investment barriers through agreements and negotiations; [2] foster an open and nondiscriminatory rules-based trading system, including through the World Trade Organization (WTO); [3] enforce trade commitments and laws; [4] support economic growth; and [5] offer relief to U.S. firms and workers from import competition and 'unfair' foreign trade practices. The Trump Administration's trade policy actions continue to present legislative and oversight issues for the 116th Congress, including on: significant unilateral tariff actions, a renegotiated North American Free Trade Agreement (NAFTA), and economic engagement and confrontation with China and other trading partners."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Fergusson, Ian F.; Williams, Brock R.
2019-07-22
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U.S.-EU Trade and Economic Issues [Updated August 28, 2019]
From the Introduction: "The United States and European Union (EU) are each other's largest trade and investment partners. Their ties are deep, but some barriers to trade and investment remain. Over the years, the two sides have sought to further liberalize trade and investment ties, enhance regulatory cooperation, and work together on international economic issues of joint interest, including through international institutions such as the World Trade Organization (WTO). The trading relationship is largely harmonious, but frictions emerge periodically due to the high level of commercial activity and disagreements on specific policy issues. U.S.-EU trade and economic relations face heightened tension now due to shifts in certain U.S. trade policy approaches under the Trump Administration."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2019-08-28
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Proposed U.S.-EU Trade Agreement Negotiations [May 15, 2019]
From the Document: "On October 16, 2018, the Trump Administration notified Congress under Trade Promotion Authority (TPA) of new U.S. trade negotiations with the European Union (EU), the United States' largest trading partner [...]. The transatlantic economy is massive and highly integrated, but still features tariffs and nontariff barriers (NTBs) to trade and investment. U.S.-EU negotiations on a Transatlantic Trade and Investment Partnership (T-TIP) stalled after 15 rounds under the Obama Administration. The proposal for new talks followed a July 2018 U.S.-EU Joint Statement aiming to deescalate trade tensions. The new talks have not formally started, and their outlook is uncertain. Congress may seek to monitor and shape the trade negotiations, and could consider implementing legislation for a potential final free trade agreement (FTA)."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Akhtar, Shayerah Ilias; Johnson, Renée
2019-05-15
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Digital Trade and U.S. Trade Policy [May 21, 2019]
From the Document: "The rapid growth of digital technologies in recent years has created new opportunities for U.S. consumers and businesses but also new challenges in international trade. For example, consumers today access e-commerce, social media, telemedicine, and other offerings not imagined thirty years ago. Businesses use advanced technology to reach new markets, track global supply chains, analyze big data, and create new products and services. New technologies facilitate economic activity but also create new trade policy questions and concerns. Data and data flows form a pillar of innovation and economic growth."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Akhtar, Shayerah Ilias; Morrison, Wayne M.
2019-05-21
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USMCA: Labor Provisions [September 12, 2019]
From the Overview: "The proposed U.S.-Mexico-Canada Agreement (USMCA), signed in late 2018, requires implementing legislation that must be approved by both houses of Congress before it can enter into force. Labor issues are one of the major policy issues of interest for some Members of Congress as they consider the final agreement. The USMCA would revise and strengthen labor provisions of the 1994 North American Free Trade Agreement (NAFTA), and require Mexico to enact certain changes to its domestic labor laws."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2019-09-12
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U.S. Trade and Development Agency (TDA) [Updated September 10, 2019]
From the Background: "The U.S. Trade and Development Agency (TDA) is an independent U.S. government export promotion and foreign assistance agency. TDA aims to support U.S. jobs by linking U.S. firms to export opportunities for development projects in developing and middle-income countries through funding 'pre-export' assistance. TDA is authorized permanently under the Foreign Assistance Act of 1961 (FAA), as amended (22 U.S.C. §2421), and operates under the Secretary of State's policy guidance. In 1992, Congress established TDA as an independent agency (P.L. 102-549), but its predecessor dates to the 1980s. The TDA Director is appointed by the President, by and with the Senate's advice and consent. President Trump's continued request for funding to eliminate TDA, as well as other legislative and policy developments, may intensify debate over the arguments for and against TDA, its role in supporting U.S. exports, and its relationship to other federal agencies."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2019-09-10
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International Investment Agreements (IIAs): Frequently Asked Questions [May 15, 2015]
From the Summary: "In recent decades, the United States has entered into binding investment agreements with foreign countries to facilitate investment flows, reduce restrictions on foreign investment and expand market access, and enhance investor protections, while balancing other policy interests. Some World Trade Organization (WTO) agreements address investment issues in a limited manner. In the absence of a comprehensive multilateral agreement, bilateral investment treaties (BITs) and investment chapters in free trade agreements (FTAs), known as international investment agreements (IIAs), have been the primary tools for promoting and protecting international investment. This report answers frequently asked questions about U.S. IIAs including provisions for investor-state dispute settlement."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Akhtar, Shayerah Ilias; Murrill, Brandon J. . . .
2015-05-15
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International Investment Agreements (IIAs): Frequently Asked Questions [May 5, 2015]
"In recent decades, the United States has entered into binding investment agreements with foreign countries to facilitate investment flows, reduce restrictions on foreign investment and expand market access, and enhance investor protections, while balancing other policy interests. Some World Trade Organization (WTO) agreements address investment issues in a limited manner. In the absence of a comprehensive multilateral agreement, bilateral investment treaties (BITs) and investment chapters in free trade agreements (FTAs), known as international investment agreements (IIAs), have been the primary tools for promoting and protecting international investment. This report answers frequently asked questions about U.S. IIAs including provisions for investor-state dispute settlement."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Akhtar, Shayerah Ilias; Murrill, Brandon J. . . .
2015-05-05
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International Trade and Finance: Key Policy Issues for the 114th Congress, 2nd Session [February 29, 2016]
"The U.S. Constitution grants authority to Congress to regulate commerce with foreign nations. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to approve trade agreements and authorize trade programs. Policy issues cover such areas as U.S. trade negotiations, U.S. trade and economic relations with specific regions and countries, international institutions focused on trade, tariff and nontariff barriers, worker dislocation due to trade liberalization, trade remedy laws, import and export policies, international investment, economic sanctions, and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade-and finance-related agencies of the U.S. government."
Library of Congress. Congressional Research Service
Irace, Mary A.; Akhtar, Shayerah Ilias
2016-02-29
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U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [March 4, 2013]
"U.S. interest in deepening economic ties with certain countries in the Middle East and North Africa (MENA) has increased in light of the political unrest and transitions that have swept the region since early 2011. Policymakers in Congress and the Obama Administration are discussing ways that U.S. trade and investment can bolster long-term economic growth in the region. In May 2011, President Obama announced the MENA 'Trade and Investment Partnership Initiative' (MENA-TIP), through which various federal government agencies are engaged in efforts to enhance trade and investment with the region. Such activities are in line with long-standing U.S. trade policy goals and measures. Some Members of Congress have called for deeper economic ties with MENA countries undergoing political change. However, continued political uncertainty and changing security environments in the region have prompted greater scrutiny of U.S. engagement. This report analyzes policy approaches that Congress might consider concerning U.S.-MENA trade and investment."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Bolle, Mary Jane; Nelson, Rebecca M.
2013-03-04
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U.S. International Investment Agreements: Issues for Congress [April 29, 2013]
"The global landscape for foreign direct investment (FDI) is undergoing significant transformation. Over the past few decades, investment flows have increased with greater economic integration of the global economy and the growth of international value chains. Although global FDI flows dipped amid the 2008 international financial crisis, they surpassed pre-crisis levels in 2011. Previous distinctions between advanced country/capital exporters and developing country/capital importers are being blurred as more and more countries are both sources of and hosts for FDI. The United States, which remains a major source of and destination for FDI, seeks to facilitate investment flows by reducing restrictions on foreign investment and enhancing protections for investors, while balancing other policy interests. In 2011, the Obama Administration issued a statement reaffirming the United States' commitment to an open investment policy that treats all investors in a fair and equitable manner under the law, and encourages and supports business investment from both domestic and foreign sources. […] This report provides an overview of U.S. international investment agreements, focusing specifically on BITs [bilateral investment treaties] and investment chapters in FTAs [free trade agreements]. It discusses key trends in U.S. and international investment flows, governance structures for investment at the bilateral and multilateral levels, the goals and basic components of investment provisions in U.S. international investment agreements, the outcomes of the Administration's Model BIT review, and key policy issues for Congress."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Akhtar, Shayerah Ilias
2013-04-29
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Iran's Economic Conditions: U.S. Policy Issues [April 22, 2010]
"The Islamic Republic of Iran is a central focus of U.S. national security policy. The United States has designated the Iranian government as a state sponsor of terrorism. The United States contends that Iran is a destabilizing force in the Middle East and expresses concern about its growing influence in the region and internationally. The United States has decried Iran's uranium enrichment activities, which allegedly are being used to develop nuclear weapons. Iran also has been accused of arming Shiite militias in Iraq, providing support to Hezbollah and Hamas, and inflaming sectarian strife in the Middle East. This report provides a general overview of Iran's economy, addresses related U.S. policy concerns, and discusses policy options for Congress. The purpose of this report is two-fold. First, it provides insight into important macroeconomic trends, policy reforms and objectives, key economic sectors, international trade patterns, and sources of foreign exchange. Second, in the context of U.S. economic sanctions imposed for national security and foreign policy reasons, the report evaluates Iran's economic structure, strengths, and vulnerabilities and discusses issues and options for Congress."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2010-04-22
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U.S. International Trade: Tends and Forecasts [November 26, 2008]
"This report provides an overview of the current status, trends, and forecasts for U.S. international trade. The purpose of this report is to provide current data and brief explanations for the various types of trade flows, particularly U.S. exports, along with a short discussion of particular trends and points of contention related to trade policy."
Library of Congress. Congressional Research Service
Nanto, Dick Kazuyuki; Akhtar, Shayerah Ilias; Donnelly, J. Michael
2008-11-26
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U.S. - India Trade Relations [October 24, 2018]
"The United States and India view each other as important strategic partners to advance common interests regionally and globally. Bilateral trade in goods and services is about 2% of U.S. world trade, but tripled in value between 2005 and 2017, reaching $126 billion (Figure 1). The trade relationship is more consequential for India, for whom the United States was its second largest export market (16% share) after the European Union (EU, 17%), and third largest source of imports (6%) after China (17%) and the EU (10%) in 2017. U.S. - India foreign direct investment (FDI) is small but growing. Defense sales are significant in bilateral trade as well. Civilian nuclear commerce, stalled for years over differences on liability protections, has produced major potential U.S. supply contracts. Many observers believe bilateral commercial ties could be more extensive if trade and investment barriers were addressed. Bilateral trade frictions exist on numerous fronts, though the two sides are working to resolve some issues."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Kronstadt, K. Alan
2018-10-24
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Digital Trade and U.S. Trade Policy [May 11, 2018]
"The Internet-driven digital revolution is causing fundamental change to the U.S. and global economy, leading not only to new modes of communication and information-sharing, business models, and sources of job growth, but also to new policy challenges. Data and data flows form the foundation for innovation and engine of economic growth. Almost two-thirds of jobs created in the United States since 2010, required medium or advanced levels of digital skills.3 As digital information increases in importance in the U.S. economy, issues related to digital trade have become of growing interest to Congress."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Akhtar, Shayerah Ilias; Fefer, Rachel F.
2018-05-11
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OPIC, USAID, and Proposed Development Finance Reorganization [April 27, 2018]
"Members of Congress and Administrations have periodically considered reorganizing the federal government's trade and development functions to advance various U.S. policy objectives. In the 115th Congress, these issues have come to the fore in the context of development finance. 'Development finance' is commonly used to describe government-backed financing to support private sector capital investments in developing and emerging economies. It can be viewed on a continuum of public and private support, situated between pure government support through grants and concessional loans and pure commercial financing at market-rate terms. Development finance institutions (DFIs) are specialized entities that supply such finance. In the United States, the primary provider of development finance is the Overseas Private Investment Corporation (OPIC), but other agencies, such as the U.S. Agency for International Development (USAID), also provide development finance."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Tarnoff, Curt
2018-04-27
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U.S.-EU Trade and Investment Ties: Magnitude and Scope [July 20, 2018]
"The United States and European Union (EU) (and its predecessors) have deep and extensive trade and investment ties that have evolved since World War II. Their ties have broadened as the EU's membership has grown, and have deepened with the growth of global supply chains, trade in services, and cross-border investment. The transatlantic economy is a dominant force globally, accounting for 46% of global GDP (current U.S. dollars), 11% of world population, one-third of goods trade, over half of global foreign direct investment (FDI), and the highest level of cross-border data flows."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2018-07-20
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Proposed U.S.-EU Trade Negotiations: Hitting Pause on a Trade War? [August 9, 2018]
"On July 25, 2018, the United States and European Union (EU) announced a 'new phase' in their relationship for 'freer, fairer, and more reciprocal trade.' They agreed to launch negotiations to eliminate tariffs, nontariff barriers, and subsidies on 'non-auto industrial goods,' as well as to boost trade specifically in services, chemicals, pharmaceuticals, medical products, and U.S. soybeans. Amid a potential tit-for-tat escalation of tariffs, the two sides agreed not to impose further tariffs on each other's traded products while negotiations are active and to examine current U.S. steel and aluminum tariffs. They also committed to the following: enhancing their strategic cooperation on energy to boost the EU's purchase of U.S. liquefied natural gas (LNG) to diversify its energy supply; launching a dialogue on standards and regulations to reduce exporting barriers and costs; and working with 'like-minded partners' to address unfair trade practices and World Trade Organization (WTO) reform."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2018-08-09
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U.S.-EU Trade and Economic Issues [August 1, 2018]
"The United States and European Union (EU) are each other's largest trade and investment partners. (For more information, see CRS In Focus IF10930, U.S.-EU Trade and Investment Ties: Magnitude and Scope, by Shayerah Ilias Akhtar.) Their ties are deep, but some barriers to trade and investment remain. The trading relationship is largely harmonious, but frictions emerge periodically due to the high level of commercial activity and specific policy issues. U.S.-EU trade and economic relations face heightened tension currently, amid the Trump Administration's trade policy, which is focusing on unilateral tariff measures under U.S. trade law and taking a critical view of the U.S. role in international economic cooperation. Given U.S.-EU historical joint leadership on global trade and economic issues, these developments could have implications for the rules-based international trading system, a foundation of the global economic order that has contributed to global economic growth and stability in the post-World War II era."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2018-08-01
