Thu, 2014-01-09 10:20
AAPC Announces Proposal for Strong, Enforceable Currency Provisions in the Trans-Pacific Partnership
WASHINGTON, D.C. – The American Automotive Policy Council, on behalf of its members, Chrysler, Ford and General Motors, today unveiled a new currency proposal that would achieve the group’s goal of strong and enforceable currency provisions in trade agreements, like the Trans-Pacific Partnership.
The AAPC proposal, based on International Monetary Fund commitments already made by all TPP member countries, will result in a trade pact that ensures that currency manipulation practices by a TPP members do not frustrate the market access commitments set forth in the final agreement.
"The final TPP agreement must include strong and enforceable currency disciplines that allow markets and not government intervention to set exchange rates," said Matt Blunt, President of AAPC.
Under the AAPC proposal, the manipulation of exchange rates by a TPP member to gain an unfair competitive advantage over other TPP members shall be prohibited, and if a TPP member is found to have breached its currency commitments under the agreement, other TPP members shall be entitled to suspend the tariff benefits of the agreement with respect to the violating TPP member.
The full proposal can be found here.
The American Automotive Policy Council, Inc. (AAPC) is a Washington, D.C. association that represents the common public policy interests of its member companies Chrysler Group LLC, Ford Motor Company and General Motors Company.