World Trade Center of Greater Philadelphia News
Global Interdependence Center is a World Trade Center of Greater Philadelphia Partner
The U.S. Commerce Department’s International Trade Administration has updated its Free Trade Agreement Tariff Tool (FTA Tariff Tool) to include the latest information on tariffs on U.S. products exported to Trans-Pacific Partnership (TPP) markets. When enforced, the TPP will eliminate more than 18,000 foreign import taxes that various countries place on Made-In-America exports.
FTA Tariff Tool users can see how TPP and other FTA partner tariffs on individual products – searchable by keyword or tariff code – are treated under an agreement. Additionally, U.S. importers and exporters can see the current tariff and future tariffs applied to their products, as well as the year in which those products become duty free. It also incorporates agricultural and non-agricultural goods and includes product specific rules of origin information.
The updated website also contains an instructional video, quick start guide, and user’s manual.
As reported by U.S. Korea Connect:
Despite a fifth consecutive year of subdued global growth and a falling global gross domestic product, combined U.S. goods and services exports to Korea were up 1.2 percent between 2014 and 2015. The fourth year of the KORUS FTA was record breaking with trade volume between Korea and the United States reaching an all-time high of $115.3 billion in 2015. This important growth in trade with Korea continued while U.S. exports to the rest of the world were down 5.1 percent... view U.S. Korea Connect 2016 Newsletter Issue 3
Top Export and Beneficiary Items
(U.S. to Korea 2011-2015)
KORUS Fact Sheet (via ustr.gov)
The U.S. Department of Commerce, through the Commercial Service arm of the International Trade Administration, has launched a new initiative that establishes an expert network of “digital attaches” in six to eight key markets, including ASEAN, Brazil, China, Japan, India, and the European Union. This initiative will enhance efforts to advance commercial diplomacy, drive policy advocacy on technology issues, ensure linkages between trade policy and trade promotion efforts, and provide front-line assistance for U.S. small and medium enterprises to take advantage of the robust e-commerce channels.
Digital trade officers’ responsibilities will include: assisting U.S. companies increase exports through global E-commerce channels, accessing the global online marketplace, and navigating digital policy and regulatory issues in foreign market. Training for attaches will be coordinated through ITA, with assistance from agencies and bureaus across the Commerce Department.
Digital Attache Fact Sheet (via Commerce.gov)
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) announced significant amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR) earlier this week. These changes, coupled with the arrangement recently announced by the Departments of State and Transportation allowing scheduled air service between the United States and Cuba, will significantly increase the ability of U.S. citizens to travel to Cuba to directly engage with the Cuban people. Additionally, these regulations expand Cuba and Cuban nationals’ access to U.S. financial institutions and the U.S. dollar from Cuba, and will expand the ability for Cubans legally present in the United States to earn stipends and salaries beyond living expenses. These amendments further the new direction toward Cuba that President Obama laid out in December 2014. The changes are outlined below and will take effect on March 16, 2016, when the regulations are published in the Federal Register.
“Today’s amendments build upon President Obama’s historic actions to improve our country's relationship with Cuba and its people. These steps not only expand opportunities for economic engagement between the Cuban people and the American business community, but will also improve the lives of millions of Cuba’s citizens,” said U.S. Commerce Secretary Penny Pritzker.
Learn the basics of Duty Drawback as well as changes in regulations that will go into effect in 2016.
Six Pennsylvania companies exhibited at the Arab Health 2016 Pennsylvania Pavilion, 4 of which are World Trade Center of Greater Philadelphia members: NovaProbe, Inc., Penn Global Medicine, UE LifeSciences, Inc., and Veritas Medical Solutions. The 2016 exhibition showcased more than 4,000 companies exhibiting their latest innovations to more than 130,000 healthcare professionals attending from more than 150 countries.
As reported by the Office of International Business Development (OIBD):
Arab Health 2016 is the business destination of choice for the Middle East Market, with a medical market estimated to be close to $80 billion per year, and it is also one of the fastest growing regions, with an estimated annual growth of more than six percent.
Pennsylvania’s Authorized Trade Representatives in the UAE and Israel set 33 pre-screened business-to-business appointments for the Pennsylvania companies who requested the service.
Participating Pennsylvania companies included:
In addition to the keynote interview with Governor Huntsman and Gillian Tett, and opening remarks by Linda Mysliwy Conlin, President of WTCGP; Keith Orris, Senior Vice President for Corporate Relations and Economic Development at Drexel University; and LeBow College of Business Dean Frank Linnehan, Ph.D., the GBC agenda included:
Thank You to our 2016 Global Business Conference Partners and Sponsors!
Watch this space for WTCGP news, events, press, and more!