Washington, D.C. (June 10, 2016) – The U.S. Coalition for TPP issued the following statement on the administration’s proposal to address data localization requirements affecting the financial services sector in U.S. trade and investment agreements:

“The U.S. Coalition for TPP welcomes the recent announcement of a new approach regarding the movement and storage of data for financial services firms in U.S. trade and investment agreements.  Addressing the concern of the financial services industry with respect to TPP countries and in future agreements is a positive step and adds momentum for approval of the Trans-Pacific Partnership Agreement (TPP).

“The Coalition is encouraged by this recent development, appreciates the efforts of the administration in working closely with industry and Congress, and urges continued cooperation in implementing this new policy and addressing other remaining issues in order to secure a successful vote for the TPP this year.  Approval of the TPP is critical to ensure that U.S. companies and workers benefit from new opportunities to boost their sales of U.S.-made goods and services to these fast-growing markets.”