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World Trade Organization: Overview and Future Direction [Updated October 2, 2019]
From the Introduction: "The World Trade Organization (WTO) is an international organization that administers the trade rules and agreements negotiated by its 164 members to eliminate trade barriers and create nondiscriminatory rules to govern trade. It also serves as an important forum for resolving trade disputes. [...] With growing debate over the role and future direction of the WTO, a number of issues may be of interest to Congress, including the value of U.S. membership and leadership in the WTO, whether new U.S. negotiating objectives or oversight hearings are needed to address prospects for new WTO reforms and rulemaking, and the relevant authorities and the impact of potential WTO withdrawal on U.S. economic and foreign policy interests. This report provides background history of the WTO, its organization, and current status of negotiations. The report also explores concerns some have regarding the WTO's future direction and key policy issues for Congress."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fergusson, Ian F.; Fefer, Rachel F.
2019-10-02
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World Trade Organization [Updated October 1, 2019]
From the Overview: "The World Trade Organization (WTO) was established on January 1, 1995, following the ratification of the Uruguay Round Agreements and today includes 164 members. [...] The WTO has three basic functions: (1) administers existing agreements; (2) serves as a negotiating forum for new trade liberalization; and (3) provides a mechanism to settle trade disputes among the parties. The multiple WTO Agreements cover trade in goods, services, and agriculture; remove tariff and nontariff barriers; and establish rules on government practices that directly relate to trade--for example, trade remedies, technical barriers to trade, customs valuation, intellectual property rights, and government procurement. The Agreements are based on the principles of nondiscrimination among countries, national treatment, and transparency of trade rules and regulations. Some exceptions, however, such as preferential treatment for developing countries and regional and bilateral free trade agreements, are allowed."
Library of Congress. Congressional Research Service
Fergusson, Ian F.; Fefer, Rachel F.
2019-10-01
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Trump Administration Tariff Actions: Frequently Asked Questions [February 22, 2019]
From the Document, "The Constitution grants Congress the sole authority over the regulation of foreign commerce. Over the past several decades, Congress has authorized the President to adjust tariffs and other trade restrictions in certain circumstances through specific trade laws. Using these delegated authorities under three trade laws, President Trump has imposed increased tariffs, largely in the range of 10% - 25%, on a variety of U.S. imports to address concerns related to national security, injury to competing industries, and China's trade practices on forced technology transfer and intellectual property rights, among other issues. Several U.S. trade partners argue that these tariff actions violate existing U.S. commitments under multilateral and bilateral or regional trade agreements and have imposed tariffs on U.S. exports in retaliation. Congress continues to actively examine and debate these tariffs, and several bills have been introduced either to expand, limit, or revise existing authorities."
Library of Congress. Congressional Research Service
Williams, Brock R.; Cimino-Isaacs, Cathleen D.; Fefer, Rachel F. . . .
2019-02-22
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Section 232 Investigations: Overview and Issues for Congress [November 21, 2018]
"On March 8, 2018, President Trump issued two proclamations imposing tariffs on U.S. imports of certain steel and aluminum products, respectively, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress, as the Constitution gives it primary authority over international trade matters. In the case of Section 232, Congress has delegated to the President broad authority to impose limits on imports in the interest of U.S. national security. The statute does not require congressional approval of any presidential actions that fall within its scope. In the Crude Oil Windfall Profit Tax Act of 1980, however, Congress amended Section 232 by creating a joint disapproval resolution provision under which Congress can override presidential actions in the case of adjustments to petroleum or petroleum product imports."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine; Hammond, Keigh E. . . .
2018-11-21
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Section 232 Investigations: Overview and Issues for Congress [September 11, 2018]
"On March 8, 2018, President Trump issued two proclamations imposing duties on U.S. imports of certain steel and aluminum products, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress, as the Constitution gives it primary authority over international trade matters. In the case of Section 232, Congress has delegated the President broad authority to impose limits on imports in the interest of U.S. national security. The statute does not require congressional approval of any presidential actions that fall within its scope. In the Crude Oil Windfall Profit Tax Act of 1980, however, Congress amended Section 232 by creating a joint disapproval resolution provision under which Congress could override presidential actions in the case of adjustments to petroleum or petroleum product imports."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine; Hammond, Keigh E. . . .
2018-09-11
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Section 232 Investigations: Overview and Issues for Congress [July 27, 2018]
"On March 8, 2018, President Trump issued two proclamations imposing duties on U.S. imports of certain steel and aluminum products, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress as the Constitution gives it primary authority over international trade matters. In the case of Section 232, Congress has delegated the President broad authority to impose limits on imports in the interest of U.S. national security. The statute does not require congressional approval of any presidential actions that fall within its scope. In the Crude Oil Windfall Profit Tax Act of 1980, however, Congress amended Section 232 by creating a joint disapproval resolution provision under which Congress could override presidential actions in the case of adjustments to petroleum or petroleum product imports."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine; Hammond, Keigh E. . . .
2018-07-27
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Section 232 Investigations: Overview and Issues for Congress [July 5, 2018]
"On March 8, 2018, President Trump issued two proclamations imposing duties on U.S. imports of certain steel and aluminum products, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress as the Constitution gives it primary authority over international trade matters. In the case of Section 232, Congress has delegated the President broad authority to impose limits on imports in the interest of U.S. national security. The statute does not require congressional approval of any presidential actions that fall within its scope. In the Crude Oil Windfall Profit Tax Act of 1980, however, Congress amended Section 232 by creating a joint disapproval resolution provision under which Congress could override presidential actions in the case of adjustments to petroleum or petroleum product imports."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine; Hammond, Keigh E. . . .
2018-07-05
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International Trade and E-commerce [May 1, 2019]
From the Document: "The McKinsey Global Institute estimates that e-commerce accounts for 12% of global trade of physical goods, both business-to-business (B2B) and business-to-consumer (B2C or retail) sales. The U.S. International Trade Commission reports global e-commerce totaled over $27 trillion in 2016, with B2B comprising over 85% of that total. Other studies show 1.8 billion people globally purchased goods online in 2018, and 57% of online buyers purchase from foreign sellers. Nevertheless, certain foreign trade policies, infrastructure inconsistencies, and the lack of globally-enforceable rules potentially hinder further e-commerce growth both globally and within U.S. borders."
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2019-05-01
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Section 232 Investigations: Overview and Issues for Congress [Updated April 2, 2019]
From the Document: "On March 8, 2018, President Trump issued two proclamations imposing tariffs on U.S. imports of certain steel and aluminum products, respectively, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress, as the Constitution gives it primary authority over international trade matters. [...] This report provides an overview of Section 232, analyzes the Trump Administration's Section 232 investigations and actions, and considers potential policy and economic implications and issues for Congress. To provide context for the current debate, the report also includes a discussion of previous Section 232 investigations and a brief legislative history of the statute."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Hammond, Keigh E.; Jones, Vivian Catherine . . .
2019-04-02
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Data Flows, Online Privacy, and Trade Policy [March 11, 2019]
From the Document: "'Cross-border data flows' refers to the movement or transfer of information between computer servers across national borders. Such data flows enable people to transmit information for online communication, track global supply chains, share research, provide cross-border services, and support technological innovation. Ensuring open cross-border data flows has been an objective of Congress in recent trade agreements and in broader U.S. international trade policy. The free flow of personal data, however, has raised security and privacy concerns. U.S. trade policy has traditionally sought to balance the need for cross-border data flows, which often include personal data, with online privacy and security. Some stakeholders, including some Members of Congress, believe that U.S. policy should better protect personal data privacy and security, and have introduced legislation to set a national policy. Other policymakers and analysts are concerned about increasing foreign barriers to U.S. digital trade, including data flows."
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2019-03-11
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World Trade Organization [Updated March 7, 2019]
From the Document: "The World Trade Organization (WTO) was established on January 1, 1995, following the ratification of the Uruguay Round Agreements and today includes 164 members. It succeeded the General Agreement on Tariffs and Trade (GATT), which was created in 1947 as part of the post-WWII effort to build a stable, open international economic framework. The WTO has three basic functions: (1) administers existing agreements; (2) serves as a negotiating forum for new trade liberalization; and (3) provides a mechanism to settle trade disputes among the parties. The multiple WTO Agreements: cover trade in goods, services and agriculture; remove tariff and nontariff barriers; and establish rules on government practices that directly relate to trade--for example, trade remedies, technical barriers to trade, customs valuation, intellectual property rights, and government procurement. The Agreements are based on the principles of nondiscrimination among countries, national treatment, and transparency of trade rules and regulations. Some exceptions, however, such as preferential treatment for developing countries and regional and bilateral free trade agreements, are allowed."
Library of Congress. Congressional Research Service
Fergusson, Ian F.; Fefer, Rachel F.
2019-03-07
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EU Data Protection Rules and U.S. Implications [Updated February 7, 2019]
From the Document: "U.S. and European citizens are increasingly concerned about ensuring the protection of personal data, especially online. A string of high-profile data breaches at companies such as Facebook and Google have contributed to heightened public awareness. The European Union's (EU) new General Data Protection Regulation (GDPR)--which took effect on May 25, 2018--has drawn the attention of U.S. businesses and other stakeholders, prompting debate on U.S. data privacy and protection policies."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Archick, Kristin
2019-02-07
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Digital Trade [Updated March 29, 2019]
From the Document: "The rapid growth of digital technologies in recent years has facilitated economic activity and created new opportunities for U.S. consumers and businesses. For example, consumers today access e-commerce, social media, telemedicine, and other offerings not imagined 30 years ago. Businesses use advanced technology to reach new markets, track global supply chains, analyze big data, and create new products and services. At the same time, new technologies raise new trade policy issues, including the lack of common disciplines to help govern such trade, the emergence of new trade barriers and broader public policy questions about online information."
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2019-03-29
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Section 232 of the Trade Expansion Act of 1962 [Updated May 23, 2019]
From the Background: "The Trump Administration has conducted multiple investigations under Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. § 1862, as amended) to determine if certain imports threaten to impair national security. President Trump acted after three separate investigations found potential threats; two additional investigations are ongoing. Prior to the Trump Administration, the last time a president imposed tariffs or other trade restrictions under Section 232 was in 1986, based on a 1983 investigation into imports of machine tools. Recent action under Section 232 has generated active debate in Congress and at the multilateral level, including legislative initiatives to amend the congressional delegation of authority under Section 232 to the President."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine
2019-05-23
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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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U.S. Trade in Services: Trends and Policy Issues [November 3, 2015]
"'Services' refers to a growing range of economic activities, such as audiovisual; construction; computer and related services; energy; express delivery; e-commerce; financial; professional (such as accounting and legal services); retail and wholesaling; transportation; tourism; and telecommunications. Services have become an important priority in U.S. trade flows and trade policy and of global trade in general, accounting for $710.6 billion of U.S. exports and 80% of U.S. jobs. The types and volume of services that can be traded, however, are limited by their intangibility (as compared to goods), the requirement for direct buyer-provider contact, and other unique characteristics. The Administration is currently negotiating three trade agreements that include services as a significant component. If negotiations are concluded, Congress will consider legislation to implement the agreements. […] Congress and U.S. trade negotiators face other issues, including how to balance the need for effective regulations with the objective of opening markets for trade in services; ensuring adequate and accurate data to measure trade in services to better inform trade policy; and determining whether further international cooperation efforts are needed to improve the regulatory environment for services trade beyond initial market access. This report provides background information and analysis on these and other emerging issues and U.S. international trade in services, in general."
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2015-11-03
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WTO Nairobi Ministerial [January 4, 2016]
"The 10th Ministerial Conference of the World Trade Organization (WTO), held in Nairobi, Kenya, concluded with no clear path forward for the Doha Development Agenda (DDA). While the Ministerial Declaration clearly affirms the WTO as an important consensus-driven multilateral institution, it does not clearly endorse the continuation of DDA and reflects an ongoing wide division among members."
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2016-01-04
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Trade in Services Agreement (TiSA) Negotiations: Overview and Issues for Congress [January 28, 2016]
From the Summary: "Congress has broad interest in trade in services, which are a large and growing component of the U.S. economy. It also has a direct interest in establishing trade negotiating objectives and potential consideration of a future Trade in Services Agreement (TiSA). Services account for 78% of U.S. private sector gross domestic product (GDP), 82% of private sector employees in 2013, and an increasing portion of U.S. international trade. 'Services' refer to a growing range of economic activities, such as audiovisual, construction, and computer and related services; energy; express delivery; e-commerce; financial, legal and accounting services, retail and wholesaling; transportation; telecommunications; and travel. Services include end-use products, such as legal services and financial products. Many services, such as distribution or transportation services, also act as the 'lifeblood' of the rest of the economy, helping goods move through global supply chains."
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2016-01-28
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U.S. Trade in Services: Trends and Policy Issues [February 4, 2016]
"'Services' refers to a growing range of economic activities, such as audiovisual; construction; computer and related services; energy; express delivery; e-commerce; financial; professional (such as accounting and legal services); retail and wholesaling; transportation; tourism; and telecommunications. Services have become an important priority in U.S. trade flows and trade policy and of global trade in general, accounting for $710.6 billion of U.S. exports and 80% of U.S. jobs. The types and volume of services that can be traded, however, are limited by their intangibility (as compared to goods), the requirement for direct buyer-provider contact, and other unique characteristics. The Administration is currently negotiating three trade agreements that include services as a significant component. If negotiations are concluded, Congress will consider legislation to implement the agreements. […] Congress and U.S. trade negotiators face other issues, including how to balance the need for effective regulations with the objective of opening markets for trade in services; ensuring adequate and accurate data to measure trade in services to better inform trade policy; and determining whether further international cooperation efforts are needed to improve the regulatory environment for services trade beyond initial market access. This report provides background information and analysis on these and other emerging issues and U.S. international trade in services, in general. In addition, it examines current negotiations, TiSA, TPP, and T-TIP,
as they relate to services trade"
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2016-02-04
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Commerce Determines Steel and Aluminum Imports Threaten to Impair National Security [March 2, 2018]
"The Commerce investigations analyzed the importance of steel and aluminum products to national security, using a relatively broad definition. Commerce defined national security to include 'the general security and welfare of certain industries, beyond those necessary to satisfy national defense requirements, which are critical for minimum operations of the economy and government.' The broad scope of the investigations extended to current and future requirements for national defense and 16 specific critical infrastructure sectors, such as electric transmission, transportation systems, food and agriculture, and critical manufacturing, including domestic production of machinery and electrical equipment. The reports also examined domestic production capacity and utilization, industry requirements, current quantities and circumstances of imports, international markets, and global overcapacity. Past Section 232 investigations generally only considered national defense needs, although a 2001 Section 232 report on iron ore and semi-finished steel also looked at broader domestic industry trends."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine
2018-03-02
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World Trade Organization: Overview and Future Direction [November 29, 2018]
"The World Trade Organization (WTO) is an international organization that administers the trade rules and agreements negotiated by its 164 members to eliminate trade barriers and create nondiscriminatory rules to govern trade. It also serves as an important forum for resolving trade disputes. The United States was a major force behind the establishment of the WTO in 1995 and the rules and agreements that resulted from the Uruguay Round of multilateral trade negotiations (1986-1994). The WTO encompassed and expanded on the commitments and institutional functions of the General Agreement on Tariffs and Trade (GATT), which was established in 1947 by the United States and 22 other nations. Through the GATT and WTO, the United States and other countries sought to establish a more open, rules-based trading system in the postwar era, with the goal of fostering international economic cooperation, stability,and prosperity worldwide. Today, the vast majority of world trade, approximately 98%, takes place among WTO members."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fefer, Rachel F.; Fergusson, Ian F.
2018-11-29
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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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World Trade Organization: Overview and Future Direction [Updated February 15, 2019]
"The World Trade Organization (WTO) is an international organization that administers the trade rules and agreements negotiated by its 164 members to eliminate trade barriers and create nondiscriminatory rules to govern trade. It also serves as an important forum for resolving trade disputes. The United States was a major force behind the establishment of the WTO in 1995 and the rules and agreements that resulted from the Uruguay Round of multilateral trade negotiations (1986-1994). The WTO encompassed and expanded on the commitments and institutional functions of the General Agreement on Tariffs and Trade (GATT), which was established in 1947 by the United States and 22 other nations. Through the GATT and WTO, the United States and other countries sought to establish a more open, rules-based trading system in the postwar era, with the goal of fostering international economic cooperation, stability, and prosperity worldwide. Today, the vast majority of world trade, approximately 98%, takes place among WTO members."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fefer, Rachel F.; Fergusson, Ian F.
2019-02-15
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Selected International Insurance Issues in the 116th Congress [Updated February 14, 2019]
"The growth of the international insurance market and trade in insurance products and services has created opportunities and new policy issues for U.S. insurers, Congress, and the U.S. financial system. Insurance regulation is centered on the states, with the federal government having a limited role. Although the risks of loss and the regulation may be local, the business of insurance, as with many financial services, has an increasingly substantial international component as companies and investors look to grow and diversify."
Library of Congress. Congressional Research Service
Webel, Baird; Fefer, Rachel F.
2019-02-14
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What is the Proposed U.S.-EU Insurance Covered Agreement? [June 9, 2017]
"Recent growth of domestic crude oil production has resulted in an unprecedented expansion of the United States' oil pipeline network. One major oil pipeline recently constructed is the Dakota Access Pipeline, a 30-inch diameter, 1,172-mile project that carries crude oil produced in northwest North Dakota to southern Illinois (Figure 1). The Dakota Access Pipeline's maximum capacity is 570,000 barrels per day. […] The federal government does not have jurisdiction over the siting of domestic oil pipelines. Instead, authorization for the overall route must be granted by individual states. The Dakota Access Pipeline developer, Energy Transfer Partners, was granted siting approval from state utility regulators in South Dakota and Illinois in 2015, and from North Dakota and Iowa early in 2016."
Library of Congress. Congressional Research Service
Webel, Baird; Fefer, Rachel F.
2017-06-09
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Ongoing Section 232 Steel and Aluminum Investigations [July 28, 2017]
"The Department of Commerce is currently conducting two investigations to determine the national security implications of U.S. imports of steel and aluminum under Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. § 1862, as amended). Section 232, sometimes called the 'national security clause,' provides the President with the ability to impose restrictions on imports, such as tariffs or quotas, if the Secretary of Commerce, in consultation with the Department of Defense and other government officials, determines such imports threaten to impair the national security of the United States. The Commerce Department has 270 days from the initiation date to prepare a report and recommendations. The President then has 90 days to accept the findings and determine what actions, if any, to take. There are diverse views on the investigations among steel and aluminum producers, manufacturers that use steel and aluminum as inputs into their final products, and other stakeholders. To date, the Commerce Department has held public hearings on the steel and aluminum investigations, Members of Congress have raised the issue with U.S. Trade Representative (USTR) Robert Lighthizer, including during House Ways and Means and Senate Finance committee hearings, and Commerce Department officials privately have briefed each of the committees."
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2017-07-28
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Trade in Services Agreement (TiSA) Negotiations: Overview and Issues for Congress [January 3, 2017]
"[Congress] has a direct interest in establishing trade negotiating objectives and potential consideration of a future Trade in Services Agreement (TiSA). [...] 'Services' refer to a growing range of economic activities, such as audiovisual, construction, and computer and related services; energy; express delivery; e-commerce; financial, legal, and accounting services; retail and wholesaling; transportation; telecommunications; and travel. Services include end-use products, such as legal services and financial products. Many services, such as distribution or transportation services, also facilitate other parts of the economy, helping goods move through global supply chains. To open foreign markets to U.S. businesses and address trade barriers to services, which may be in the form of government regulations, the United States has engaged in multiple trade agreement negotiations. [...] Negotiations on a proposed Trade in Services Agreement (TiSA) were launched in April 2013, with the United States and Australia initially at the lead. TiSA participants account for about 70% of world trade in services and include the European Union, in addition to the United States and Australia. Some key major emerging markets, including Brazil, China, and India, are not currently parties to the TiSA negotiations, though China has indicated an interest in joining. [...] The outlook and timeline for the ongoing TiSA negotiations remains uncertain, as participants are tackling difficult and complex issues such as regulatory processes and digital trade frameworks. The new U.S. administration position on TiSA is unclear. TiSA is one of several trade agreements that may be considered by Congress in the near future."
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2017-01-03
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WTO Trade Facilitation Agreement [March 3, 2017]
"The Trade Facilitation Agreement (TFA), finalized in December 2013, is the newest international trade agreement in the World Trade Organization (WTO), having entered into force on February 22, 2017, when two-thirds of WTO members, including the United States, ratified the multilateral agreement. Congress has an interest in the TFA since it may affect U.S. trade flows, the U.S. economy, and international capacity building efforts. Trade facilitation measures aim to simplify and streamline international trade procedures to allow the easier flow of trade across borders and thereby reduce the costs of trade. There is no precise definition of trade facilitation, even in the WTO agreements. Trade facilitation can be defined narrowly as improving administrative procedures at the border or more broadly to also encompass behind-the-border measures and regulations. The TFA aims to address multiple trade barriers confronted by exporters and importers, whether small and medium-sized enterprises engaged in e-commerce or large multinational firms managing complex global supply chains. These barriers include the lack of transparency on process and documentation requirements for exporting to a given country. […] This report provides an overview of the TFA, its provisions, and the United States' implementation and role in capacity building, and provides options for Congress to consider in relation to the TFA."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine
2017-03-03
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TPP Financial Services Data Flows [June 03, 2016]
"Financial services firms and some members of Congress have raised specific concerns regarding the proposed Trans-Pacific Partnership (TPP) agreement, such as provisions on data localization for financial services firms. Treasury Secretary Jack Lew recently issued a proposal to address the data localization concerns, but it remains unclear if the current proposal will resolve the matter given that it would not change the current proposed TPP text. For the first time in a U.S. FTA [Free Trade Agreement], the proposed TPP (1) would guarantee the cross-border data flows so that companies can transfer information in and out of countries, and (2) would prohibit computing facility localization requirements for all sectors. The e-commerce chapter excludes the financial services sector and government procurement. Instead, the e-commerce provisions for the financial services sector are addressed in the separate financial services chapter. Similar to the financial services chapter in the U.S. FTA with South Korea, the proposed TPP does allow for cross-border data flows, but does not include provisions on localization requirements. Despite arguments from the business community to prohibit localization requirements, the U.S. Treasury Department, with the Federal Reserve and the Federal Securities and Exchange Commission, advocated for the current language during the TPP negotiations. Treasury sought to maintain policy space for U.S. regulators to be able to implement such restrictions in the future, citing instances during the 2008-2009 financial crisis when U.S. regulators could not get needed data." The report goes on to discuss concerns regarding localization regulations, proposed solutions, reactions of stakeholders, and ongoing issues for Congress.
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2016-06-03
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U.S. Trade in Services: Trends and Policy Issues [June 30, 2017]
"The term 'services' refers to an expanding range of economic activities, such as audiovisual; construction; computer and related services; energy; express delivery; e-commerce; financial; professional (such as accounting and legal services); retail and wholesaling; transportation; tourism; and telecommunications. Services account for a majority of the U.S. economy-78% of U.S. gross domestic product (GDP) and 82% of U.S. civilian employment.1 Services are an important element across the U.S. economy, at the national, state, and local levels. They not only function as end-use products but also act as the 'lifeblood' of the rest of the economy. For example, transportation services move intermediate products along global supply chains and final products to consumers; telecommunications services open e-commerce channels; and financial services provide credits for the manufacture and consumption of goods."
Library of Congress. Congressional Research Service
Fefer, Rachel F.
2017-06-30
