Encouraging Trade and Investment from New Zealand Act

Mr. President, today, I introduced bipartisan legislation that would promote trade and investment in America from a critical partner of ours in the Asia-Pacific region, New Zealand. I want to thank Senators Lee, McCain, Rubio, Schumer and Murray for cosponsoring this bill and for their support for this commonsense proposal.

The Encouraging Trade and Investment from New Zealand Act would extend eligibility for E-1 and E-2 visas to New Zealand citizens. E-1 visas are available to certain foreign nationals coming to the United States to engage in substantial trade, including trade in services or technology principally between the United States and their home country. E-2 visas are for certain foreign investors coming here to develop and direct the operations of an enterprise in which they invested a substantial amount of capital.

These non-immigrant visas are distinct from EB-5 investor immigrant visas, H1-B work visas and B-1 business visitor visas. Because of the unique structure of E-1 and E-2 visas, they are scrutinized closely by the State Department so that they directly support economic activity and jobs in the United States.

Allowing New Zealanders to apply for these visas would directly promote job creation. In 2010, New Zealand-owned U.S. firms in the United States supported 10,900 American jobs. By the end of 2011, the total value of direct investment from New Zealand to the United States reached $6 billion. While these positive trends continue, the New Zealand government and New Zealand businesses have indicated that the lack of E-1 and E-2 visas is a dominant factor impeding further investment in our country.

The Encouraging Trade and Investment from New Zealand Act would fix that. Because of the changes in our treaty practices, the E-1 and E-2 visas can only be extended to New Zealand through legislation. Historically, we extended trade and investment visas to any country possessing a treaty of friendship, commerce, and navigation with the United States or through other agreements.

Today more than 50 countries have access to E-1, trade, visas, and more than 80 countries have access to E-2, investors, visas. In recent years, the U.S. government has generally stopped pursuing treaties of friendship, commerce, and navigation.

Indeed, in 2012, Congress enacted legislation extending E-1 and E-2 visas to Israel. It is now the right time to do the same for New Zealand.

Attracting trade and investment capital from New Zealand would bolster the reach of the United States' economy in the fast growing Asia-Pacific region. President Obama has made engagement with the Asia- Pacific region a top economic and security priority, the so called ``pivot to Asia,'' and New Zealand is a valued strategic partner.

Extending trade and investment visas would bolster the bilateral relationship, increase foreign investment, and strengthen America's ties to the Asia-Pacific region. Every state will gain from greater trade and investment from New Zealand. In 2012 over 350,000 foreign traders and investors holding E-1 or E-2 visas came to our country and managed a business in all 50 states.

Substantial benefits will accrue to Hawaii--the United States' gateway to Asia and the Pacific. Hawaii has recently seen a substantial increase in tourism from New Zealand, fostered by increased direct flights between New Zealand and Hawaii. In fact, Hawaiian Airlines is the only U.S. airline offering direct service to New Zealand.

New Zealand recently announced that it would be opening a consulate in Honolulu, Hawaii. This consulate will help further bilateral ties and benefit from its proximity to the heart Hawaii's financial district and headquarters of U.S. Pacific Command.

U.S. citizens are already eligible for a similar visa in New Zealand. I encourage my colleagues to join me in supporting this important initiative to allow them to do the same here to create jobs in our country.

Mr. President, today, I introduced bipartisan legislation that would promote trade and investment in America from a critical partner of ours in the Asia-Pacific region, New Zealand. I want to thank Senators Lee, McCain, Rubio, Schumer and Murray for cosponsoring this bill and for their support for this commonsense proposal.

The Encouraging Trade and Investment from New Zealand Act would extend eligibility for E-1 and E-2 visas to New Zealand citizens. E-1 visas are available to certain foreign nationals coming to the United States to engage in substantial trade, including trade in services or technology principally between the United States and their home country. E-2 visas are for certain foreign investors coming here to develop and direct the operations of an enterprise in which they invested a substantial amount of capital.

These non-immigrant visas are distinct from EB-5 investor immigrant visas, H1-B work visas and B-1 business visitor visas. Because of the unique structure of E-1 and E-2 visas, they are scrutinized closely by the State Department so that they directly support economic activity and jobs in the United States.

Allowing New Zealanders to apply for these visas would directly promote job creation. In 2010, New Zealand-owned U.S. firms in the United States supported 10,900 American jobs. By the end of 2011, the total value of direct investment from New Zealand to the United States reached $6 billion. While these positive trends continue, the New Zealand government and New Zealand businesses have indicated that the lack of E-1 and E-2 visas is a dominant factor impeding further investment in our country.

The Encouraging Trade and Investment from New Zealand Act would fix that. Because of the changes in our treaty practices, the E-1 and E-2 visas can only be extended to New Zealand through legislation. Historically, we extended trade and investment visas to any country possessing a treaty of friendship, commerce, and navigation with the United States or through other agreements.

Today more than 50 countries have access to E-1, trade, visas, and more than 80 countries have access to E-2, investors, visas. In recent years, the U.S. government has generally stopped pursuing treaties of friendship, commerce, and navigation.

Indeed, in 2012, Congress enacted legislation extending E-1 and E-2 visas to Israel. It is now the right time to do the same for New Zealand.

Attracting trade and investment capital from New Zealand would bolster the reach of the United States' economy in the fast growing Asia-Pacific region. President Obama has made engagement with the Asia- Pacific region a top economic and security priority, the so called ``pivot to Asia,'' and New Zealand is a valued strategic partner.

Extending trade and investment visas would bolster the bilateral relationship, increase foreign investment, and strengthen America's ties to the Asia-Pacific region. Every state will gain from greater trade and investment from New Zealand. In 2012 over 350,000 foreign traders and investors holding E-1 or E-2 visas came to our country and managed a business in all 50 states.

Substantial benefits will accrue to Hawaii--the United States' gateway to Asia and the Pacific. Hawaii has recently seen a substantial increase in tourism from New Zealand, fostered by increased direct flights between New Zealand and Hawaii. In fact, Hawaiian Airlines is the only U.S. airline offering direct service to New Zealand.

New Zealand recently announced that it would be opening a consulate in Honolulu, Hawaii. This consulate will help further bilateral ties and benefit from its proximity to the heart Hawaii's financial district and headquarters of U.S. Pacific Command.

U.S. citizens are already eligible for a similar visa in New Zealand. I encourage my colleagues to join me in supporting this important initiative to allow them to do the same here to create jobs in our country.