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Free Trade Agreements: Impact on U.S. Trade and Implications for U.S. Trade Policy [February 26, 2014]

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"Free trade areas (FTAs) are arrangements among two or more countries under which they agree to eliminate tariffs and nontariff barriers on trade in goods among themselves. However, each country maintains its own policies, including tariffs, on trade outside the region. In the last few years, the United States has engaged or has proposed to engage in negotiations to establish bilateral and regional free trade arrangements with a number of trading partners. Such arrangements are not new in U.S. trade policy. The United States has had a free trade arrangement with Israel since 1985 and with Canada since 1989, which was expanded to include Mexico and became the North American Free Trade Agreement (NAFTA) effective in January 1994. U.S. interest in bilateral and regional free trade arrangements surged, and the Bush Administration accelerated the pace of negotiations after the enactment of the Trade Promotion Authority in August 2002. U.S. participation in free trade agreements can occur only with the concurrence of Congress. In addition, FTAs affect the U.S. economy, with the impact varying across sectors. The 112th Congress and the Obama Administration faced the question of whether and when to act on three FTAs pending from the Bush Administration--with Colombia, Panama, and South Korea. Although the Bush Administration signed these agreements, it and the leaders of the 110th Congress could not reach agreement on proceeding to enact them. No action was taken during the 111th Congress either."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2014-02-26
World Trade Organization: The Hong Kong Ministerial [Updated January 20, 2006]

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"The World Trade Organization (WTO) held its 6th Ministerial summit in Hong Kong from December 13-18, 2005. WTO Ministerials are held every two years to bring together trade ministers from member states, often to make political decisions for the body. Although an original goal of the Ministerial was to agree on a package of modalities (methods by which the round is negotiated) for the ongoing Doha Development Agenda (DDA) round of trade negotiations, this aim was dropped in order to avoid a high-profile failure similar to previous Ministerials at Cancun and Seattle. Rather, members agreed to some modest advancements in agriculture, industrial tariffs, and duty and quota-free access for least developed countries. The final outcome of these negotiations could provide a substantial boost to the world economy, but if the round itself is not completed, there may be repercussions for the WTO as an institution and for the architecture of the world trading system. [...] The outcome of the Ministerial potentially has significant implications for Congress. Any agreement resulting from the round must be approved by Congress, and there is pressure to come to an agreement well before the expiration of U.S. trade promotion authority on July 1, 2007. In addition, any agreement on agriculture may affect the drafting or necessitate the revision of the next farm bill that may be considered by Congress in 2007. Congress has also expressed an interest in shielding U.S. trade remedy laws from negotiations. This report will be updated to reflect the outcome of the Ministerial."

Library of Congress. Congressional Research Service

Fergusson, Ian F.; Cooper, William H., 1949-; Jones, Vivian Catherine . . .

2006-01-20
World Trade Organization: The Hong Kong Ministerial [Updated December 9, 2005]

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"The 148 members of the World Trade Organization (WTO) are preparing for the 6th Ministerial summit to be held in Hong Kong on December 13-18, 2005. WTO Ministerials are held every two years to bring together trade ministers from member states, often to make political decisions for the body. The Hong Kong Ministerial will be used to 'take stock' of the ongoing Doha Development Agenda (DDA) round of trade negotiations. The members will not be asked to agree to a package of modalities (methods by which the round is negotiated) because substantial disagreements are still evident among the members. The outcome of these negotiations could provide a substantial boost to the world economy, but if the round itself is not completed, there may be repercussions for the WTO as an institution and for the architecture of the world trading system. [...] The outcome of the Ministerial potentially has significant implications for Congress. Any agreement resulting from the round must be approved by Congress, and there is pressure to come to an agreement well before the expiration of U.S. trade promotion authority on July 1, 2007. In addition, any agreement on agriculture may affect the drafting or necessitate the revision of the next farm bill that may be considered by Congress in 2007. Congress has also expressed an interest in shielding U.S. trade remedy laws from negotiations. This report will be updated to reflect the outcome of the Ministerial."

Library of Congress. Congressional Research Service

Fergusson, Ian F.; Cooper, William H., 1949-; Jones, Vivian Catherine . . .

2005-12-09
Trade Remedy Law Reform in the 108th Congress [Updated July 22, 2003]

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"Trade remedies are government measures to minimize the adverse impact of imports on domestic industries. Antidumping duties are used to counter the effects of imports sold at unfairly low prices on the domestic market. Countervailing duties are used to counter the price effects of imports that benefit from government subsidies in the exporting countries. Safeguard remedies (also called Section 201 and escape clause remedies) are used to reduce the injurious impact of surges in fairly trade imports. Some of the bills introduced in the 108th Congress would revise safeguard remedies. Others would change antidumping and countervailing-duty remedies. The congressional proposals follow different approaches to the same goal -- to ease the procedural burden in obtaining relief and improve the chances that U.S. industries would obtain relief. In so doing, the legislation would make it less likely that industries would press Congress to directly restrict imports through protectionist legislation. The 106th Congress did pass one change to U.S. trade remedy law, the so-called Byrd amendment. The 107th Congress did not act on trade remedy legislation, but treatment of trade remedy laws in trade negotiations was a major point of contention during the debate over legislation to grant the President trade promotion authority. Several bills that would amend U.S. trade remedy laws have been introduced in the 108th Congress."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2003-07-22
Trade Issues in the 109th Congress: Policy Challenges and Opportunities [March 24, 2005]

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This Congressional Research Service report summarizes the agenda for the 109th Congress in light of World Trade Organization negotiations and a wider debate on U.S. trade policy. "The 109th Congress is expected to face a trade agenda that will be at least as extensive, covering a wide range of issues, from extension of presidential trade promotion (fast track) authority to consideration of more free trade agreements and oversight of the World Trade Organization (WTO) trade negotiations. […] These issues and how policymakers deal with them will define overall U.S. trade policy. Several sets of issues will likely come before the 109th Congress. The Bush Administration is expected to request a two-year extension of its trade promotion authority. […] In addition, the Administration is expected to send legislation to the Congress to implement a free trade agreement with five Central American countries plus the Dominican Republic and a free trade agreement with Bahrain. […] As the 109th Congress addresses these issues, its decisions will have implications for key questions that help define U.S. trade policy in the long-term. This report will generally cover the trade issues as they unfold. However, it will not track legislation per se. The report will be updated as events warrant." Tables included are: U.S. Trade in Goods and Services, 1995-2004; U.S. Trade with Major Partners, 2004.

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2005-03-24
Trade Promotion Authority (TPA): Issues, Options, and Prospects for Renewal [Updated July 12, 2007]

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"On July 1, 2007, Trade Promotion Authority (TPA -- formerly known as fast track), expired. TPA is the authority Congress grants to the President to enter into certain free trade agreements (FTAs), and to have their implementing bills considered under expedited legislative procedures, provided he observes certain statutory obligations in negotiating them. TPA allows Congress to exercise its constitutional authority over trade, while giving the President added leverage to exercise his authority to negotiate trade agreements by effectively assuring U.S. trade partners that final agreements are given swift and unamended consideration. […] Bilateral agreements with Panama, Peru, Colombia, and South Korea were signed in time to be considered under the 2002 TPA. The protracted WTO [World Trade Organization] Doha Round of multilateral negotiations is still incomplete and may yet be the remaining key trade agreement that could compel Congress to consider extending or renewing TPA. Some observers also suggest that TPA is important to support future bilateral FTA negotiations, particularly given that many countries appear ready to continue pursuing FTAs irrespective of U.S. trade policy. Key Members of the House and Senate, however, have signaled that TPA renewal is not at the top of the legislative agenda and will require considerable deliberation before it can be passed. Congress has many options in dealing with TPA: take no action; extend temporarily; revise and renew; grant permanent authority; or devise some hybrid solution. How this issue plays out depends on a host of political and economic variables. This report will be updated as events warrant."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.); Cooper, William H., 1949-

2007-07-12
Trade Promotion Authority (TPA): Issues, Options, and Prospects for Renewal [December 5, 2006]

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"TPA [Trade Promotion Authority] reflects years of debate, cooperation, and compromise between Congress and the Executive Branch. Congress has express constitutional authority to impose duties and regulate foreign commerce, while the President has the sole authority to negotiate international agreements and exerts broad power over U.S. foreign policy. TPA arose from a pragmatic need to accommodate these authorities in the conduct of U.S. trade policy, as well as address concerns that constituent pressures can often lead to poor trade policy decisions. The 'Smoot-Hawley' Tariff Act of 1930, for example, raised tariffs significantly, diminishing trade and prolonging the Great Depression. In response, Congress delegated to the President in 1934 authority to negotiate pre-approved reductions in tariff rates. TPA evolved in 1974 from this precedent to allow the President to negotiate non-tariff barriers (NTBs), provided he comply with various congressional requirements set out in the statute. The core provisions of the fast track legislative procedures have remained virtually unchanged since they were first enacted, although Congress has expanded trade negotiation objectives, oversight, and presidential notification requirements. While early versions of fast track/TPA received broad bipartisan support, renewal efforts became increasingly controversial as fears grew over the perceived negative effects of trade, and as the trade debate became more partisan in nature. Congress last renewed TPA in the Trade Act of 2002 following a pitched battle and largely partisan-line vote. Two key issues dominated: labor and environment provisions and guaranteeing a bipartisan congressional role in trade policy making."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.); Cooper, William H., 1949-

2006-12-05
Trade Promotion Authority (TPA) and the Role of Congress in Trade Policy [January 13, 2014]

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"In July 1, 2007, Trade Promotion Authority (TPA--previously known as fast track) expired. TPA is the authority that Congress grants to the President to enter into certain reciprocal trade agreements, and to have the requisite implementing legislation considered under expedited legislative procedures. Although the President has the authority under the Constitution to negotiate international agreements, typically a reciprocal trade agreement requires an implementing bill and, therefore, congressional action to bring it into force. Many Members of Congress have advocated for renewal of TPA .On July 30, 2013, President Obama requested that Congress reauthorize TPA. On January 9, 2014, legislation to renew TPA--the Bipartisan Congressional Trade Priorities Act of 2014--was introduced in the House (H.R. 3830) and in the Senate (S. 1900). The legislation would reauthorize TPA for four years with the possibility of a three-year extension. Alternative bills may also be introduced during the second session of the 113th Congress. Although there appears to be support for renewal of TPA in Congress, the details of the legislation are likely to be subject to considerable debate, including the specific treatment of any related TAA [Trade Adjustment Assistance] program reauthorization. This report presents background and analysis on the development of TPA, a summary of the major provisions under the expired authority, and a discussion of the issues that have arisen in the debate over TPA renewal. It also explores some of the policy options available to Congress."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2014-01-13
Japan-U.S. Relations: Issues for Congress [February 20, 2014]

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"Japan is a significant partner for the United States in a number of foreign policy areas, particularly in terms of security priorities, from hedging against Chinese military modernization to countering threats from North Korea. The post-World War II alliance has long been an anchor of the U.S. security role in Asia. The alliance facilitates the forward deployment of about 49,000 U.S. troops and other U.S. military assets based in Japan in the Asia-Pacific. After years of turmoil, Japanese politics appears to have entered a period of stability with the December 2012 election victory of current premier Shinzo Abe and his Liberal Democratic Party (LDP). New elections are not required to be held until 2016. Japan's leaders face daunting tasks: an increasingly assertive China, a weak economy, and rebuilding from a devastating March 2011 earthquake, tsunami, and nuclear disaster. In recent years, opposition control of one chamber of parliament paralyzed policymaking in Tokyo and made U.S.-Japan relations difficult to manage despite overall shared national interests. However, the LDP's recent election victories have given it control over both chambers, thereby giving Abe more political room to pursue controversial initiatives that the United States has encouraged such as joining the Trans-Pacific Partnership (TPP) trade pact and increasing its military's capabilities and flexibility."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-; Chanlett-Avery, Emma; Manyin, Mark E. . . .

2014-02-20
U.S.-South Korea Relations [June 24, 2014]

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"South Korea is one of the United States' most important strategic and economic partners in Asia, and for the past five years relations between the two countries (known officially as the Republic of Korea, or ROK) have been arguably at their best state in decades. Members of Congress tend to be interested in South Korea-related issues for a number of reasons. First, the United States and South Korea have been allies since the early 1950s. The United States is committed to helping South Korea defend itself, particularly against any aggression from North Korea. 28,500 U.S. troops are based in the ROK and South Korea is included under the U.S. 'nuclear umbrella.' Second, Washington and Seoul cooperate over how to deal with the challenges posed by North Korea. Third, the two countries' economies are closely entwined and are joined by the Korea-U.S. Free Trade Agreement (KORUS FTA). South Korea is the United States' sixth-largest trading partner. The United States is South Korea's second-largest trading partner. In late 2013 and early 2014, South Korea took the first steps toward possible entry into the U.S.-led Trans-Pacific Partnership (TPP) free trade agreement negotiations."

Library of Congress. Congressional Research Service

Manyin, Mark E.; Nikitin, Mary Beth Dunham; Chanlett-Avery, Emma . . .

2014-06-24
EU-U.S. Economic Ties: Framework, Scope, and Magnitude [February 21, 2014]

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"The United States and the European Union (EU) economic relationship is the largest in the world--and it is growing. The modern U.S.-European economic relationship has evolved since World War II, broadening as the 6-member European Community expanded into the present 28- member European Union. The ties have also become more complex and interdependent, covering a growing number and type of trade and financial activities. The United States and the EU have embarked on negotiations to establish a free trade agreement--the Transatlantic Trade and Investment Partnership (TTIP). In 2012 (latest data available), $1,500.5 billion flowed between the United States and the EU on the current account, the most comprehensive measure of U.S. trade flows. The EU as a unit is the largest 'merchandise' trading partner of the United States. In 2012, the EU accounted for $265.1 billion of total U.S. exports (or 17.1%) and for $380.8 billion of total U.S. imports (or 16.7%) for a U.S. trade deficit of $115.7 billion. The EU is also the largest U.S. trade partner when trade in services is added to trade in merchandise, accounting for $193.8 billion (or 30.7% of the total in U.S. services exports) and $149.7 billion (or 35.4% of total U.S. services imports) in 2012. In addition, in 2012, a net $150.0 billion 'flowed' from U.S. residents to EU countries into direct investments, while a net $105.9 billion 'flowed' from EU residents to direct investments in the United States. Policy disputes arise between the United States and the EU, generating tensions which sometimes lead to bilateral trade disputes. Yet, in spite of these disputes, the U.S.-EU economic relationship remains dynamic."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2014-02-21
Trade in Services: The Doha Development Agenda Negotiations and U.S. Goals [September 12, 2005]

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The United States and the other 147 members of the World Trade Organization (WTO) are engaged in a set or 'round' of negotiations called the Doha Development Agenda (DDA). The DDA's main objective is to refine and expand the rules by which WTO members conduct foreign trade with one another. A critical element of the DDA round is the negotiations pertaining to foreign trade in services. Trade in services has been covered under multilateral rules only since 1995 with the entry into force of the General Agreement on Trade in Services (GATS) and of the Uruguay Round Agreements creating the WTO. [...] WTO negotiators are looking at completing the Doha Development Agenda Round by the end of 2006. U.S. negotiators also face the June 30, 2007 deadline at which time the President's trade promotion authority will expire. Under this authority, trade agreements are given expedited (limited debate, no amendments) congressional consideration. [...] This report will be updated as events warrant.

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2005-09-12
International Trade and Finance: Key Policy Issues for the 113th Congress, Second Session [January 23, 2014]

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"The U.S. Constitution grants authority over the regulation of foreign commerce to Congress, which it exercises through oversight of trade policy, including the consideration of legislation to approve trade agreements and authorize trade programs. Policy issues cover such areas as: U.S. trade negotiations; tariff and nontariff barriers; worker dislocation from trade liberalization, trade remedy laws; import and export policies; international investment, economic sanctions; and trade policy functions of the federal government. Congress also has an important role in international finance. It has the authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. Government. The 112th Congress approved U.S. bilateral free trade agreements with Colombia, Panama, and South Korea, extended the Trade Adjustment Assistance (TAA) programs through December 31, 2013, and reauthorized the Generalized System of Preferences (GSP) through July 31, 2013. It also authorized permanent normal trade relations (PNTR) status for Russia and Moldova, reauthorized the U.S. Export-Import Bank, and approved full U.S. participation in general capital increases for the World Bank and four regional development banks. The 113th Congress may revisit these issues and address new ones."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2014-01-23
U.S.-Japan Economic Relations: Significance, Prospects, and Policy Options [February 18, 2014]

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"Japan and the United States are two major economic powers. Together they account for over 30% of world domestic product, for a significant portion of international trade in goods and services, and for a major portion of international investment. This economic clout makes the United States and Japan potentially powerful actors in the world economy. Economic conditions in the United States and Japan have a significant impact on the rest of the world. Furthermore, the U.S.-Japan bilateral economic relationship can influence economic conditions in other countries. The U.S.-Japan economic relationship is strong and mutually advantageous. The two economies are highly integrated via trade in goods and services--they are large markets for each other's exports and important sources of imports. More importantly, Japan and the United States are closely connected via capital flows. Japan is a major foreign source of financing of the U.S. national debt and will likely remain so for the foreseeable future, as the mounting U.S. public debt needs to be financed and the stock of U.S. domestic savings remains insufficient to meet the investment needs. Japan is also a significant source of foreign private portfolio and direct investment in the United States, and the United States is the origin of much of the foreign investment in Japan."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2014-02-18
U.S.-South Korea Relations [February 12, 2014]

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"South Korea is one of the United States' most important strategic and economic partners in Asia, and for the past five years relations between the two countries (known officially as the Republic of Korea, or ROK) have been arguably at their best state in decades. Members of Congress tend to be interested South Korea-related issues for a number of reasons. First, the United States and South Korea have been allies since the early 1950s. The United States is committed to helping South Korea defend itself, particularly against any aggression from North Korea. The United States maintains about 28,500 troops in the ROK and South Korea is included under the U.S. 'nuclear umbrella.' Second, Washington and Seoul cooperate over how to deal with the challenges posed by North Korea. Third, South Korea's emergence as a global player on a number of issues has provided greater opportunities for the two countries' governments, businesses, and private organizations to interact and cooperate with one another. Fourth, the two countries' economies are closely entwined and are joined by the Korea-U.S. Free Trade Agreement (KORUS FTA). South Korea is the United States' sixth-largest trading partner. The United States is South Korea's second-largest trading partner. In late 2013 and early 2014, South Korea took the first steps toward possible entry into the U.S.-led Trans-Pacific Partnership (TPP) free trade agreement negotiations."

Library of Congress. Congressional Research Service

Manyin, Mark E.; Chanlett-Avery, Emma; Rinehart, Ian E. . . .

2014-02-12
U.S. Foreign Trade in Services: Trends and U.S. Policy Challenges [May 15, 2014]

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"The term 'services' refers to an expanding range of economic activities, such as construction, retail and wholesale sales, e-commerce, financial services, professional services (such as accounting and legal services), transportation, tourism, and telecommunications. They have become an important priority in U.S. foreign trade flows and trade policy and of global trade in general, although their intangibility, the requirement for direct buyer-provider contact, and other characteristics have limited the types and volume of services that can be traded. Congress is expected to consider in the future U.S. trade agreements currently under negotiation that include services as significant components. Services constitute an important component of U.S. trade flows. The United States is the largest exporter of services (14% of the global total in 2011) and the largest importer (10% of the global total in 2011). In 2012, services accounted for 29% of total U.S. exports and 7% of total imports. Rapid advances in information technology and the related growth of global value or supply chains have reduced barriers to trade in services, making an expanding range of services tradable across national borders."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-; Nelson, Rebecca M.

2014-05-15
Trade Promotion Authority (TPA): Frequently Asked Questions [April 21, 2014]

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"Trade Promotion Authority (TPA), formerly called fast track, is the authority Congress has granted to the President for limited periods of time to enter into reciprocal trade agreements. The authority lays out U.S. trade negotiating objectives, procedures for congressional-executive notification and consultation, and expedited legislative procedures under which bills implementing trade agreements negotiated by the executive branch are to be considered. The most recent authority was enacted in December 2002 and expired as of July 1, 2007. Legislation to reauthorize TPA has been introduced in the 113th Congress. The United States is engaged in several sets of trade agreement negotiations. The issue of TPA reauthorization has raised a number of questions regarding TPA itself and the pending legislation. This report addresses a number of those questions that are frequently asked, including: [1] What is trade promotion authority? [2] Is TPA necessary? [3] What are trade negotiating objectives and how are they reflected in TPA statutes? [4] What requirements does Congress impose on the President under TPA? [5] Does TPA affect congressional authority on trade policy?"

Library of Congress. Congressional Research Service

Cooper, William H., 1949-; Fergusson, Ian F.; Beth, Richard S.

2014-04-21
U.S.-Japan Economic Relations: Significance, Prospects, and Policy Options [December 5, 2011]

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"Japan and the United States are the two largest economic powers. Together they account for over 30% of world domestic product, for a significant portion of international trade in goods and services, and for a major portion of international investment. This economic clout makes the United States and Japan potentially powerful actors in the world economy. Economic conditions in the United States and Japan have a significant impact on the rest of the world. Furthermore, the U.S.-Japan bilateral economic relationship can influence economic conditions in other countries. The U.S.-Japan economic relationship is very strong and mutually advantageous. The two economies are highly integrated via trade in goods and services--they are large markets for each other's exports and important sources of imports. […] More generally, other issues regarding U.S.-Japan economic relations may emerge on the agenda of the 112th Congress. U.S. and Japanese leaders have several options on how to manage their relationship, including stronger reliance on the World Trade Organization; special bilateral negotiating frameworks and agreements; or a free trade agreement. On November 11, 2011, Prime Minister Noda announced at a press conference that he decided, after many consultations with potentially affected parties, that '[Japan would] enter into consultations toward participating in the TPP [Trans-Pacific Partnership] negotiations with the countries concerned on the occasion of the [November 12-13, 2011] APEC [Asian-Pacific Economic Cooperation] Economic Leaders meeting in Honolulu, Hawaii....' Japan's participation in the TPP will likely be the focal point of U.S.-Japan economic discussion for the foreseeable future."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2011-12-05
Russia's Accession to the WTO and Its Implications for the United States [November 16, 2011]

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"In 1993, Russia formally applied for accession to the General Agreement on Tariffs and Trade (GATT). In 1995, its application was taken up by the World Trade Organization (WTO), the successor organization of the GATT. Russia is the largest economy not in the WTO. However, after a number of fits and starts during the 18-year process, Russia's accession to the 153-member WTO will conclude when, as expected, the WTO members invite Russia to join the WTO during the December 15-17, 2011, Ministerial Conference. The immediate policy issue for Congress will be whether to enact legislation authorizing the President to grant permanent normal trade relations (PNTR) status for Russia, a status that all WTO members are required to provide each other. Some Members of Congress have indicated that they view congressional consideration of PNTR legislation as the opportunity to ensure that the conditions on which Russia is invited to join the WTO address U.S. concerns. […] Concerns among U.S. stakeholders regarding Russia's WTO accession are not so much over whether Russia should be admitted into the WTO but rather whether the conditions for its accession are adequate to ensure that Russia fulfills its obligations and provides meaningful trade and investment opportunities for U.S. firms. U.S. IPR [intellectual property rights] holders remain cautious that Russia will enforce its commitments on IPR protection. Russia is currently a relatively small U.S. trading partner. However, U.S. manufacturing, agriculture, and service providers view WTO accession as an opportunity to broaden the bilateral trading relationship. In Russia, agriculture interests and some manufacturers, such as auto producers, are concerned that WTO membership will expose them to foreign competition that will adversely affect their interests."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2011-11-16
U.S. Foreign Trade in Services: Definition, Patterns and Policy Challenges [July 7, 2008]

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"The term 'services' refers to a broad and widening range of economic activities such as accounting and legal services, banking, transportation, tourism, and telecommunications. Services are a significant sector of the U.S. economy, accounting for almost 70% of U.S. gross domestic product (GDP) and for over 80% of U.S. civilian employment. Services have become an important element of U.S. foreign trade, consistently generating surpluses. The European Union is by far the most important U.S. trade partner in services, accounting for more than 50% of U.S. trade in services. […] The Congress will have a number of trade agreements to consider, and services will be an important part of the deliberations. An overview of barriers, of the disputes in services trade and of the rapidly changing characteristics of the services sector, suggest that the negotiations and the agreements they produce will become increasingly complex. The United States presses its trading partners to liberalize their services sector as much as possible, because U.S. services providers are very competitive in world markets. However, to accomplish its objectives, the United States is pressed by its partners to make concessions that might adversely affect 'import-sensitive' industries in the United States. U.S. negotiators and, ultimately, Congress will have to judge whether the agreements strike an appropriate balance for U.S. interests. This report will be updated as events warrant."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2008-07-07
Russia's Accession to the WTO and Its Implications for the United States [January 4, 2013]

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"In 1993, Russia formally applied for accession to the General Agreement on Tariffs and Trade (GATT). Its application was taken up by the World Trade Organization (WTO) in 1995, when it was established to succeed the GATT. The WTO is a 153-member organization that administers a set of multilaterally negotiated rules on trade and trade-related activities. After a number of fits and starts during the 18-year process, the members of the WTO, on December 16, 2011, invited Russia to join the WTO. On July 10 and July 18, 2012, respectively, the lower house of the Russian parliament--the State Duma--and the upper house--the Federal Council--approved the protocol of accession. On July 21, President Putin signed the measure into law, allowing Russia to formally join the WTO on August 22. […] This report provides a brief overview of the WTO itself, the accession process in general, and the commitments that Russia has made to join the WTO. The report discusses U.S. policy on Russia's accession and the accession in the context of the U.S.-Russia economic relationship. It outlines the congressional role in the process and the potential impact of WTO accession for Russian trade with the United States."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2013-01-04
Free Trade Agreements: Impact on U.S. Trade and Implications for U.S. Trade Policy [Updated April 19, 2006]

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"Free trade areas (FTAs) are arrangements among two or more countries under which they agree to eliminate tariffs and nontariff barriers on trade in goods among themselves. However, each country maintains its own policies, including tariffs, on trade outside the region. In the last few years, the United States has engaged or has proposed to engage in negotiations to establish bilateral and regional free trade arrangements with a number of trading partners. Such arrangements are not new in U.S. trade policy. The United States has had a free trade arrangement with Israel since 1985 and with Canada since1989, which was expanded to include Mexico and became the North American Free Trade Agreement (NAFTA) effective in January 1994. The United States has been conducting negotiations with 33 Western Hemispheric countries with a stated goal of forming a Free Trade Area of the Americas (FTAA) by 2005 and with various Asian and Pacific-Rim countries to achieve free trade and investment by 2020. U.S. interest in bilateral and regional free trade arrangements has surged and the Bush Administration has accelerated the pace of negotiations since the enactment of the Trade Promotion Authority in August 2002. On January 1, 2004, U.S. FTAs with Chile and Singapore entered into force. In 2004, agreements with Australia and Morocco were signed and approved by the Congress. The agreement with Australia entered into force on January 1, 2005, and the agreement with Morocco entered into force on January 1, 2006. An agreement with Bahrain was signed on September 14, 2004, for which Congress passed and the President signed implementing legislation (H.R. 4340/P.L. 109-169, January 11, 2006). An agreement with Central American countries and one with the Dominican Republic were also signed and combined into DR-CAFTA [Dominican Republic-Central America-United States Free Trade Agreement]. The House and Senate passed implementing legislation for DR-CAFTA on July 27 and 28, 2005, respectively, and President Bush signed it into law on August 2, 2005 (P.L. 109-182). FTA negotiations have been completed with Colombia, Peru, and Oman. The United States is pursuing FTA negotiations with other trading partners."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2006-04-19
Free Trade Agreements: Impact on U.S. Trade and Implications for U.S. Trade Policy [Updated June 24, 2005]

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"In the last few years, the United States has considered bilateral and regional free trade areas (FTAs) with a number of trading partners. Such arrangements are not new in U.S. trade policy. The United States has had a free trade arrangement with Israel since 1985 and with Canada since1989. The latter was suspended when the North American Free Trade Agreement (NAFTA) that included the United States, Canada, and Mexico, went into effect in January 1994. U.S. interest in bilateral and regional free trade arrangements has surged. In 2000, the Clinton Administration began and completed negotiations with Jordan on a bilateral free trade agreement (FTA), and the Bush Administration supported the agreement. The U.S.-Jordan FTA went into effect with the enactment of the United States-Jordan Free Trade Area Implementation Act (P.L.107-43) on September 28, 2001. The FTAs with Chile and Singapore entered into force on January 1, 2004. Perhaps encouraged by the passage and enactment of legislation granting the President trade promotion authority (TPA), as contained in the Trade Act of 2002 (P.L.107-210 -- signed into law on August 6, 2002), the Bush Administration has moved ahead with a trade agenda that contains an unprecedented number of FTAs. In 2004, agreements with Australia and Morocco were signed, approved by the Congress. The agreement with Australia entered into force on January 1, 2005. An agreement with Bahrain was also signed. An agreement with Central American countries and one with the Dominican Republic were also signed. The President sent Congress draft implementing legislation on June 23, 2005. […] This report will monitor pending and possible proposals for U.S. FTAs, relevant legislation and other congressional interest in U.S. FTAs. The report will be revised as events warrant."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2005-06-24
Trans-Pacific Partnership Negotiations and Issues for Congress [November 21, 2012]

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"The Trans-Pacific Partnership (TPP) is a potential free trade agreement (FTA) among 11, and perhaps more, countries. The United States and eight other countries of the Asia-Pacific region-- Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, and Vietnam--are negotiating the text of the FTA. Canada and Mexico will join the negotiations in the fall of 2012, and Japan and Thailand are also considering the possibility of joining. With 29 chapters under negotiation, the TPP partners envision the agreement to be 'comprehensive and high-standard,' in that they seek to eliminate tariffs and non-tariff barriers to trade in goods, services, and agriculture, and to establish rules on a wide range of issues including foreign direct investment and other economic activities. They also strive to create a '21st-century agreement' that addresses new and crosscutting issues presented by an increasingly globalized economy. The TPP draws congressional interest on a number of fronts. Congress would have to approve implementing legislation for U.S. commitments under the agreement to enter into force. In addition, under long-established executive-legislative practice, the Administration notifies and consults with congressional leaders, before, during, and after trade agreements have been negotiated. Furthermore, the TPP will likely affect a range of sectors and regions of the U.S. economy of direct interest to Members of Congress and could influence the shape and path of U.S. trade policy for the foreseeable future. This report examines the issues related to the proposed TPP, the state and substance of the negotiations (to the degree that the information is publically available), the specific areas under negotiation, the policy and economic contexts in which the TPP would fit, and the issues for Congress that the TPP presents. The report will be revised and updated as events warrant."

Library of Congress. Congressional Research Service

Fergusson, Ian F.; Cooper, William H., 1949-; Jurenas, Remy

2012-11-21
Russia's Accession to the WTO and Its Implications for the United States [November 20, 2012]

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"In 1993, Russia formally applied for accession to the General Agreement on Tariffs and Trade (GATT). In 1995, its application was taken up by the World Trade Organization (WTO), the successor organization of the GATT. Russia is the largest economy not in the WTO; after a number of fits and starts during the 18-year process, the then-153 members of the WTO, on December 16, 2011, invited Russia to join the WTO during the Ministerial Conference in Geneva. On July 10 and July 18, 2012, respectively, the lower house of the Russian parliament--the State Duma--and the upper house--the Federal Council--approved the protocol of accession. President Putin signed the measure into law on July 21, allowing Russia to formally join the WTO on August 22. The immediate policy issue for Congress will be whether to enact legislation authorizing the President to grant permanent normal trade relations (PNTR) status for Russia, a status that all WTO members are required to provide each other. Some Members of Congress have indicated that they view congressional consideration of PNTR legislation as the opportunity to ensure that the conditions on which Russia is invited to join the WTO address U.S. concerns."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2012-11-20
Free Trade Agreements: Impact on U.S. Trade and Implications for U.S. Trade Policy [Updated April 9, 2002]

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"In the last few years, the United States has considered bilateral and regional free trade areas (FTAs) with a number of trading partners. Such arrangements are not new in U.S. trade policy. The United States has had a free trade arrangement with Israel since 1985 and with Canada since1989. The latter was expanded to include Mexico in 1994 to become the North American Free Trade Agreement (NAFTA) effective in January 1994. The United States has been conducting negotiations with 33 Western Hemispheric countries with a goal of forming a Free Trade Area of the Americas (FTAA) by 2005 and with various Asian and Pacific-Rim countries to achieve a free trade and investment area by 2020. In the last two years, U.S. interest in bilateral and regional free trade arrangements has surged. In 2000, the United States began and completed negotiations with Jordan on a bilateral free trade agreement (FTA) and began separate negotiations with Singapore and with Chile. Furthermore, some Members of Congress have introduced legislation to encourage the formation of free trade arrangements with other trading partners. The surge in interest in FTAs as a component of U.S. trade policy comes at a time when major U.S. trading partners, for example, Canada, Mexico, Japan, and the EU, are themselves negotiating and forming FTAs with various other countries. […] This report will monitor pending and possible proposals for U.S. FTAs, relevant legislation and other congressional interest in U.S. FTAs. The report will be revised as events warrant."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2002-04-09
Trans-Pacific Partnership Negotiations and Issues for Congress [January 24, 2013]

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"The Trans-Pacific Partnership (TPP) is a potential free trade agreement (FTA) among 11, and perhaps more, countries. The United States and 10 other countries of the Asia-Pacific region-- Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam--are negotiating the text of the FTA. Canada and Mexico participated for the first time in the Auckland round of negotiations in December 2012, and Japan and Thailand are also considering the possibility of joining. With 29 chapters under negotiation, the TPP partners envision the agreement to be 'comprehensive and high-standard,' in that they seek to eliminate tariffs and non-tariff barriers to trade in goods, services, and agriculture, and to establish rules on a wide range of issues including foreign direct investment and other economic activities. They also strive to create a '21st-century agreement' that addresses new and cross-cutting issues presented by an increasingly globalized economy. […] This report examines the issues related to the proposed TPP, the state and substance of the negotiations (to the degree that the information is publically available), the specific areas under negotiation, the policy and economic contexts in which the TPP would fit, and the issues for Congress that the TPP presents. The report will be revised and updated as events warrant."

Library of Congress. Congressional Research Service

Williams, Brock R.; Jurenas, Remy; Cooper, William H., 1949- . . .

2013-01-24
Free Trade Agreements: Impact on U.S. Trade and Implications for U.S. Trade Policy [Updated December 6, 2005]

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"In the last few years, the United States has considered bilateral and regional free trade areas (FTAs) with a number of trading partners. Such arrangements are not new in U.S. trade policy. The United States has had a free trade arrangement with Israel since 1985 and with Canada since1989. The latter was suspended when the North American Free Trade Agreement (NAFTA) that included the United States, Canada, and Mexico, went into effect in January 1994. U.S. interest in bilateral and regional free trade arrangements has surged. In 2000, the Clinton Administration began and completed negotiations with Jordan on a bilateral free trade agreement (FTA), and the Bush Administration supported the agreement. The U.S.-Jordan FTA went into effect with the enactment of the United States-Jordan Free Trade Area Implementation Act (P.L.107-43) on September 28, 2001. The FTAs with Chile and Singapore entered into force on January 1, 2004. Perhaps encouraged by the passage and enactment of legislation granting the President trade promotion authority (TPA), as contained in the Trade Act of 2002 (P.L.107-210 -- signed into law on August 6, 2002), the Bush Administration has moved ahead with a trade agenda that contains an unprecedented number of FTAs. In 2004, agreements with Australia and Morocco were signed, approved by the Congress. The agreement with Australia entered into force on January 1, 2005. An agreement with Central American countries and one with the Dominican Republic were also signed and combined into one agreement the DR-CAFTA [Dominican Republic-Central America-United States Free Trade Agreement]. The President sent Congress draft implementing legislation on June 23, 2005. The House and Senate passed the legislation (H.R. 3045) on July 27 and 28, 2005, respectively, and President Bush signed the legislation into law on August 2, 2005 (P.L. 109-182). […] This report will monitor pending and possible proposals for U.S. FTAs, relevant legislation and other congressional interest in U.S. FTAs. The report will be revised as events warrant."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2005-12-06
Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implications [May 2, 2011]

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"On June 30, 2007, U.S. and South Korean trade officials signed the proposed U.S.-South Korean Free Trade Agreement (KORUS FTA) for their respective countries. If approved, the KORUS FTA would be the second-largest FTA that South Korea has signed to date, after the agreement with the European Union (EU). It would be the second-largest (next to North American Free Trade Agreement, NAFTA) in which the United States participates. South Korea is the seventh-largest trading partner of the United States and the United States is South Korea's third-largest trading partner. Various studies conclude that the agreement would increase bilateral trade and investment flows. The final text of the proposed KORUS FTA covers a wide range of trade and investment issues and, therefore, could have substantial economic implications for both the United States and South Korea. The agreement will not enter into force unless Congress approves implementation legislation. The negotiations were conducted under the trade promotion authority (TPA), also called fast-track trade authority, that Congress granted the President under the Bipartisan Trade Promotion Act of 2002 (P.L. [Public Law] 107-210)."

Library of Congress. Congressional Research Service

Manyin, Mark E.; Cooper, William H., 1949-; Jurenas, Remy . . .

2011-05-02
Permanent Normal Trade Relations (PNTR) Status for Russia and U.S.-Russian Economic Ties [November 20, 2012]

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"U.S.-Russian trade is governed by Title IV of the Trade Act of 1974, which sets conditions on Russia's normal trade relations (NTR), or nondiscriminatory, status, including the 'freedom-of-emigration' requirements of the Jackson-Vanik amendment (section 402). Changing Russia's trade status to unconditional NTR or 'permanent normal trade relations status (PNTR)' requires legislation to lift the restrictions of Title IV as they apply to Russia and authorize the President to grant Russia PNTR by proclamation. On November 16, 2012, the House passed (365-43) H.R. 6156, which would do just that, among other things. A similar bill, S. 3406, awaits action in the Senate. Both bills include contain provisions of proposed legislation--the Magnitsky Rule of Law Accountability Act of 2012--that would impose sanctions on individuals linked to the incarceration and death of Russian lawyer Sergei Magnitsky. Both bills would also authorize PNTR status for Moldova. PNTR for Russia has become an issue for the 112th Congress because, on August 22, 2012, Russia joined the WTO after having completed a 19-year accession process. The WTO requires each member to accord newly acceding members 'immediate and unconditional' most-favored-nation (MFN) status, or PNTR. In order to comply with WTO rules, the United States would have to extend PNTR to Russia, or invoke the non-application provision of the WTO."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-

2012-11-20

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