06 February 2013 22:34 [Source: ICIS news]
HOUSTON (ICIS)--The American Chemistry Council (ACC) called for the reduction and elimination of trade barriers as part of a multi-pronged strategy to further increase US chemical exports, according to a report released on Wednesday.
“American chemical manufacturers comprise one of our nation’s top exporting industries, with $189bn [€140bn] in exports last year alone,” according to a statement by Cal Dooley, the president of the ACC.
The report identifies policy recommendations in areas such as trade, energy, tax, regulation and transportation that would make the US chemical sector even more competitive, the ACC said. These proposals could add more than $58bn in additional chemical exports
In eliminating trade barriers, the report emphasised a potential US trade agreement with the EU, the ACC said.
The ACC also called for the swift conclusion of negotiations on the TransPacific Economic Partnership (TPP), which could create an additional $1.2bn in chemical exports.
In releasing the report, Dooley was joined by US Senator Rob Portman (Republican, Ohio); Craig Morrison, CEO of Momentive Performance Materials; and John Paro, CEO of The HallStar Co.
“The high rate of innovation at medium-sized companies like HallStar can often be disproportionate to size, and unfettered access to sophisticated buyers overseas would significantly increase demand for our products and spur further innovation and economic growth,” Paro said in a statement.
Morrison said: “Enhanced performance at Momentive and other ACC member companies – particularly through reduced production costs, a pro-business tax environment and a more competitive rail and transportation system for the safe, efficient shipment of chemicals – will create a ripple effect across the entire US manufacturing economy.”
($1 = €0.74)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|