Senate Finance Committee Chairman Orrin Hatch, Ranking Member Ron Wyden and House Ways and Means Chairman Paul Ryan today introduced bipartisan, bicameral Trade Promotion Authority (TPA) legislation that will accelerate ongoing international trade negotiations and help secure enhanced market access and high quality trade disciplines important to Qualcomm and the global ICT ecosystem. Qualcomm applauds both the introduction of the bill and the leadership of its sponsors.
Trade is essential for sustaining America’s role as the most innovative economy in the world and TPA will help achieve this goal. The technology sector drives growth, boosts productivity, and creates millions of jobs. According to a recent Boston Consulting Group study, mobile technology, in particular, contributes $548 billion to the U.S. gross domestic product (GDP), or 3.2%, in 2014, and is on track to reach nearly 5% of GDP by 2020. The mobile value chain is directly responsible for more than 1 million jobs in the United States, most of which are high-value jobs in the knowledge economy. With more than 95 percent of the world’s consumers outside of our borders, and more than one in five U.S. jobs dependent on trade, it is critical that the United States continue to open new markets for American goods, intellectual property rights and services, and create and sustain high-skilled, high-wage jobs for American workers.
As the global economy quickly and inevitably evolves, we need 21st century trade rules called for in the TPA bill that support today’s borderless digital economy and the rapidly growing economic role of the technology and internet sectors. TPA directs U.S. trade negotiators to ensure secure trade agreements that promote cross-border data flows, secure strong and enforceable intellectual property protections, promote transparent and pro-competitive regulations, and to address so-called “data localization” measures and other impediments to digital trade.
Swift Congressional approval of TPA will strengthen the U.S. government’s ability to address a range of “next generation” trade barriers confronting American technology companies around the world. As Qualcomm and its customers transform mobile communications, realize the “internet of everything,” connect smart cities, homes, hospitals and schools, and enable new opportunities across adjacent markets - trade agreements become more important than ever to our business.
Qualcomm looks forward to continuing to work with Members of Congress in both chambers and the Administration to facilitate enactment of TPA legislation at the earliest opportunity.