International Services Surveys: Amendments to the BE-120, Benchmark Survey of Transactions in Selected Services and Intangible Assets With Foreign Persons
This proposed rule would amend the regulations of the Bureau of Economic Analysis, Department of Commerce (BEA) to set forth the reporting requirements for the BE-120, Benchmark Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons. The proposed BE-120 would include both definition changes and the addition of three schedules to better collect data in accordance with new international standards. In addition, this proposed rule would change the BE-120 survey title from ``Benchmark Survey of Transactions in Selected Services and Intangible Assets with Foreign Persons'' to ``Benchmark Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons'' because the term ``intellectual property'' is better understood by U.S. respondents. The proposed BE-120 survey is intended to cover transactions in selected services and intellectual property with foreign persons in benchmark years. In non-benchmark years, the universe estimates for these transactions would be derived from sample data reported on BEA's follow-on survey, which is the Quarterly Survey of Transactions in Selected Services and Intangible Assets with Foreign Persons (BE-125). The data will be used by BEA to estimate the trade in services component of the U.S. International Transactions Accounts and other economic accounts compiled by BEA. The data are also needed by the U.S. government 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. In addition, the data will improve the ability of U.S. businesses to identify and evaluate market opportunities.