WASHINGTON (CN) – The Bureau of Economic Analysis plans to change reporting requirements for the Benchmark Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons, to collect better data, according to a newly proposed rule.
Some definitions would change and three schedules would be added to the new survey to better collect data, in line with new international standards, according to the proposed rule.
The agency also plans to change the survey’s title from the current: “Benchmark Survey of Transactions in Selected Services and Intangible Assets with Foreign Persons,” because the term “intellectual property” is better understood in the United States, according to the agency.
The survey data would be used to estimate the “trade in services” part of the U.S. International Transactions Accounts and other economic accounts the agency compiles.
The U.S. Government also would use the data “to monitor U.S. exports and imports of selected services and intellectual property; analyze their impact on the U.S. and foreign economies; support U.S. international trade policy for selected services and intellectual property; and assess and promote U.S. competitiveness in international trade in services.”
The data would improve the ability of U.S. businesses to identify and evaluate market opportunities, according to the proposal.