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BAFT News and Press Releases

 

BAFT Shares Trade Policy Priorities with U.S. Administration Officials

by User Not Found | Aug 14, 2017
As the U.S. Administration weighs strategies for modernizing its trade policy, BAFT issued a letter to U.S. Administration officials articulating the transaction banking community’s policy priorities. The letter highlights BAFT’s support of a U.S. trade policy that promotes free and fair trade, and increases economic growth and job creation.

As the U.S. Administration weighs strategies for modernizing its trade policy, BAFT issued a letter to Secretary Ross, Secretary Mnuchin, Ambassador Lighthizer, and Director Cohn articulating the transaction banking community’s policy priorities. The letter highlights BAFT’s support of a U.S. trade policy that promotes free and fair trade, and increases economic growth and job creation. BAFT further calls on the Administration to complement trade negotiations with other countries with domestic programs to educate and prepare U.S. workers for employment in emerging growth industries, and to train companies of all sizes to capitalize on the opportunities afforded through global trade.

Trade is critical to the success of many sectors of the U.S. economy and one in five U.S. jobs is linked to the trade of goods and services. The volume of trade that is financed, both imports and exports, has a direct impact on the health of the financial services sector and the 6.4 million people it employs. Policies aimed at supporting further job creation in the service sector, where we currently boast a trade surplus, can complement Administration efforts to boost manufacturing, energy and infrastructure growth, and aid in the creation of additional job growth.

According to the World Trade Organization, up to 80 percent of the over $15 trillion in global trade is supported by some sort of financing or credit insurance. BAFT conveyed to the Administration that as the U.S. strives to facilitate new and improved access to markets outside of U.S. borders, financial institutions will continue to be trusted partners facilitating the exchange of goods and services, and the growth of U.S. companies.

The August 2017 Trade Priorities Letter is available here.