Home / Knowledge / News / Apparel/Garments / Obama signs two crucial trade legislations into law
Obama signs two crucial trade legislations into law
30
Jun '15
President Barack Obama has signed two important trade measures into law – the Trade Preferences Extension Act of 2015 and Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015).

Both bills, passed by Congress last week, are key legislations that could help American business.

Among the most vociferous supporters of the TPA and the Trade Preference Law, is the American Apparel & Footwear Association (AAFA) which welcomed the signing of the two bills into law. It said that with the focus now turning toward the Trans-Pacific Partnership (TPP) negotiations, it is hopeful that the government will takes steps that can benefit AAFA’s members from what would be the largest free trade agreement.

“With TPA passed, the free trade agreements currently being negotiated can be completed. These trade agreements have the potential to develop new markets for US branded clothes and shoes,“ AAFA president and CEO Juanita Duggan said in a statement.

“We are especially pleased to see the preferences legislation enacted into law. Even more immediately, we can now begin a process that will enable companies to take advantage of the retroactive renewal of the GSP programme – saving companies millions of dollars in duties already paid, and ensuring that new tariff costs won’t be incurred,” she said.

Trade Promotion Authority enables the completion of the Trans Pacific Partnership (TPP), the free trade agreement being negotiated with 11 other countries in the Pacific Rim. These 12 countries represent 39 per cent of the world economy.

The trade preferences law renews the African Growth and Opportunity Act (AGOA) for ten years, extends the Haiti HOPE/HELP trade program until 2025, and retroactively renews the Generalized System of Preferences (GSP) program, while updating it to remove an exclusion on travel goods. The law also makes important clarifications to the tariff classifications for protective active footwear and performance outerwear. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Textiles | On 22nd Jun 2017

Zund unveils cradle feeder roll-feed system for fabrics

Zund Systemtechnik AG, Switzerland’s textile machinery firm that...

Textiles | On 22nd Jun 2017

Hpfabrics opening production facility in Forsyth County

Hpfabrics, manufacturer of raw fabrics, is opening a new production...

Courtesy: Napapijri

Apparel/Garments | On 22nd Jun 2017

Napapijri's Superlight Parka is free of fur and down

Napapijri has introduced the new Superlight Parka, a new lightweight...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search