New regulations on International trade services soon- MSFT, T, JPM, FDX, & AFL
It seems that in the coming days, we will be seeing several agreements and MOU’s being signed between several nations. According to sources, U.S is in talks with several other nations to form a global services trade organization. Inside sources claim that industry bigwigs like JPMorgan Chase & Co. (NYSE:JPM), Microsoft Corporation (NASDAQ:MSFT), AT&T, Inc. (NYSE:T), FedEx Corporation (NYSE:FDX) and AFLAC Inc. (NYSE:AFL) are going to be members in this organization. Peter Allegier, who was the former U.S ambassador, is the president of the services group. He is extremely pleased with the new trade coalition. According to him, the new coalition will surely act as an economic engine and will help the services sector to achieve its full potential.
Global Acceptance of the Services Trade Organization
Several industrial groups including U. S chamber of commerce, Business round table all cheered this announcement and gave full support to this new venture. Heads of Bank of America Corp, Verizon communications are all members of business roundtable. Industrial heads see this new venture as a strategy to tackle trade barriers. Myron Brilliant, senior vice president of the chamber of commerce sees it as a wise move which can strengthen the global trading system. Dave camp, who heads the Ways and Means Committee, welcomes the services trade. He feels that this can create more jobs in the U.S.
About 21 members are in the WTO group which will finalize the international trade. The nations which are in the talks are Australia, Canada , Iceland, Chile , Columbia, Japan, Hong Kong, Peru, Israel, Panama, New Zealand, Pakistan , Korea, Turkey, Mexico etc. according to sources , countries like Brazil, China and India do not favor this move and have declined to join the organization.
The talks may include mutual exchange of financial data, maritime services, environmental and energy services and much more. The negotiations will start within 90 days and will take place in the World trade center in Geneva. The European Union is also going to be a part of the negotiations for the big venture. U.S will take part in the talks which will help to lower the trade barriers on financial services and telecommunications.
More Job Opportunities
According to an estimate every $1 billion in U.S services trade will support about 42,000 jobs in U.S. Express package delivery, insurance and electronic payments are indeed an important part of the global trade services. The exports of these services were worth about $600 trillion in the year 2011.
So the international trade services between nations is surely going to give a boost to global trade and create more jobs in U.S
Shares of Microsoft Corporation (NASDAQ:MSFT) were down by 0.62% to close at $27.04
Shares of AT&T, Inc. (NYSE:T) were down by 1.48% to close at $33.26
Shares of JPMorgan Chase & Co. (NYSE:JPM) were up by 1.01% to close at $46.82
Shares of FedEx Corporation (NYSE:FDX) rose by 0.25% to end at $98.67
Shares of AFLAC Inc. (NYSE:AFL) were down by 2.68% to close at $51.61.