In October 27, 2011 testimony before the House Foreign Affairs Committee, Secretary of State Clinton said the U.S. wants to move from aid to trade for Pakistan and Afghanistan, and to do so Congress needs to pass the Reconstruction Opportunity Zone legislation, which will lower tariffs on Pakistani and Afghan products. She also said that the U.S. is pursuing a broader, long-term vision for regional economic integration and cooperation that is called the New Silk Road. She also noted the progress that both India and Pakistan are making on the commercial front and in implementing the transit trade agreement between Afghanistan and Pakistan.
House Ways and Means Committee Chairman Camp (R-MI) is requesting input on draft legislative language for international tax reform. On October 26, 2011, Camp released an international tax reform discussion draft as part of the Committee’s broader effort on comprehensive tax reform that would lower top tax rates for both individuals and employers to 25%. In addition to rate cuts, the plan would transition the U.S. from a worldwide system of taxation to a territorial system.
On October 29, 2011, Congressional trade leaders1 sent a letter to the U.S. Trade Representative calling on him to insist that Russia meet a high standard in the ongoing negotiations regarding Russia's accession to the World Trade Organization. The leaders note that there are many challenges to be negotiated with Russia, the totality of which will determine Congressional support for Russia’s WTO accession. Russia’s protection of intellectual property, commitment to join the Information Technology Agreement, satisfactory commitments on agriculture and sanitary and phytosanitary issues, and commitment to address problematic investment policies, will be significant considerations.
On October 25, 2011, a bipartisan group of 30 Representatives1 sent a letter to U.S. Trade Representative Kirk urging U.S. negotiators for the Trans-Pacific Partnership agreement to adopt a fresh approach to U.S. trade policy for textiles and apparel in the TPP that includes flexible rules of origin and meaningful market access.
On October 26, 2011 the following bills were introduced:
On October 25, 2011, the House passed H.R. 2042, a bill to require the establishment of a program to issue APEC Business Travel Cards in order to help promote fast and efficient travel for security-screened business people and government officials within the APEC region. If the bill is enacted, the U.S. would join 18 other APEC countries that already have this travel card for business people traveling between APEC countries.
The following hearings, markups, or meetings are scheduled for October 26, 2011:
On October 25, 2011, the following trade-related bills were introduced:
On October 25, 2011, the House Ways and Means Committee held a hearing on the U.S.-China economic relationship. During the hearing, Administration witnesses testified at the progress being made in the U.S.-China relationship and the challenges that must still be addressed. Committee members questioned whether the Administration supports the current China currency legislation and urged the Administration to make further progress towards making U.S.-China trade fair.
The following are the trade-related hearings scheduled for October 25-29, 2011: