WASHINGTON – The Information Technology Industry Council (ITI), the global voice of the tech sector representing nearly sixty of the world’s leading technology companies, released the following statement by President and CEO Dean Garfield on an executive order issued by President Donald Trump to withdraw the United States from the Trans Pacific Partnership (TPP) and to renegotiate the North American Free Trade Agreement (NAFTA):
“There is no prospect for job creation and economic growth for the United States without an active trade agenda,” ITI CEO and President Dean Garfield said. “At the same time, we can’t ignore the fact that many trade agreements were struck in an era that predates the internet and the global economy which depends on data flowing freely across borders for people and businesses to sell goods and services anywhere in the world. We can—and should—improve trade agreements to reflect the critical role digital trade plays in growing our economy and to help tech goods and services compete more fairly overseas. We are ready to work with the new administration to advance beneficial trade deals for our nation.”
ITI has been a strong advocate for the TPP. While U.S. technology companies exported $10 billion in goods and services to TPP markets in 2014, they faced stiff tariffs of up to 35%, and have encountered restrictions and barriers in accessing markets covered by the agreement. Nations that are a part of the TPP are among the fastest-growing economies in the world and account for 40% of global gross domestic product. Last year, estimates suggested the TPP could generate more than $220 billion in additional global income each year.
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