U.S. Trade Representative Ron Kirk has notified Congress that the Obama administration plans to enter into negotiations for a new trade agreement on international trade in services.
The negotiations will begin in Geneva with a group of 20 trading partners that represent nearly two-thirds of global trade in services, with the aim to promote international trade in services and support increased U.S. service exports.
The U.S. Chamber of Commerce welcomed the announcement. “This is a chance to tackle emerging trade barriers in areas such as the digital economy, while strengthening the global rules-based trading system,” said Myron Brilliant, the U.S. Chamber of Commerce’s senior vice president for international affairs, in a press release.
Business Roundtable, an association of CEOs from U.S. companies, also applauded Kirk’s notification. The agreement will help maximize U.S. economic growth and create jobs, said Doug Oberhelman, chairman and CEO of Caterpillar and chair of BRT’s International Engagement Committee, in a written statement.