Trade Pacts Hold Promise For Cosmetics Business Expansion – U.S. Trade Rep
This article was originally published in The Rose Sheet
Ambassador Robert Holleyman, deputy trade representative at the Office of the U.S. Trade Representative, updated attendees at the Personal Care Products Council’s Annual Meeting on free-trade agreements being negotiated and their potential implications for the cosmetics industry. The Trans-Pacific Partnership should enable cosmetics firms to expand their overseas businesses “by significant measures,” he suggested.
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As European industry’s concerns grow about “politicization” of regulatory programs, the United States-Mexico-Canada Agreement’s cosmetics annex directs regulatory authorities pursuing new rules to give due consideration to scientific and technical guidance documents developed through international collaboration.
Canada has agreed to end its practice of quarantining and retesting certain cosmetic-OTC drug products from the US, as part of a cosmetics-specific annex to the United States-Mexico-Canada Agreement. “There will be a very significant and immediate benefit to US exporters of OTC products to Canada,” a Personal Care Products Council exec said.
There are signs of progress in US trade relations and tariff disputes in the EU and China, but visibility is never assured under the administration of President Donald Trump in a volatile global climate.