Deal will affect 21 Asia Pacific countries, including U.S. and China
The Water and Wastewater Equipment Manufacturers Assn. (WWEMA) was elated to learn of a deal reached during the recent Asia Pacific Economic Cooperation (APEC) summit in Hawaii to reduce tariffs on environmental goods and services among the 21 Asia Pacific countries, including the U.S. and China.
“Coming on the back of the free trade agreements signed between the U.S. and Korea, Columbia and Panama, this announcement lent further support for the need to break down barriers to trade and allow companies that manufacture water and wastewater technologies to bring needed solutions to the environmental challenges facing the globe,” WWEMA President Dawn Kristof Champney said.
This commitment by all 21 APEC leaders will result in the elimination of local content requirements by 2012 and the reduction of applied tariff rates to 5% or less by 2015.
“We commend the work of the Obama Administration, particularly that of the Office of the U.S. Trade Representative, in helping shepherd this important agreement and turn the tide on what has been a wave of protectionist trade measures, which stifle competition, increase costs, delay projects and destroy jobs at a time when we need to repair our infrastructure, reinvest in our workforce, and provide essential water supply and sanitation services to all,” Champney continued.
Negotiators have up to one year to develop the list of environmental goods and services that will be covered by this agreement.