Tech Industry Trade Highlights Need for T-TIP, TPP, Says TechAmerica
The U.S. could help restart the recently stalled growth in trade in technology goods through the completion of Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership, said TechAmerica in a new report (here). "These new agreements could expand U.S. free…
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trade markets to 53 countries, creating significant opportunities for U.S. technology companies," TechAmerica said in a press release. Tech goods exports totaled $205 billion in 2013 and imports accounted for $351 billion, the report said. Many of the tech imports are part of a global supply chain, where U.S. multinational companies create and design the products in the U.S. while producing the final product overseas, the report said. Often, such imports represent "an intra-company transfer as U.S. firms brings their products into the United States for sale from their overseas production facilities," the study found. While both exports and imports have recovered since the recession, "the past two years have seen a slowdown in the growth rate as key overseas markets have experienced economic malaise and the economic recovery in the United States has been slow," said TechAmerica. NAFTA partners Mexico and Canada were by far the largest destination for U.S. tech exports, accounting for $39 billion and $28 billion worth, respectively, the association said.