U.S. Secretary of Commerce Penny Pritzker today released a report highlighting the potential benefits of the recently completed Trans-Pacific Partnership (TPP) for Illinois businesses and communities. The TPP will boost U.S. and local economic growth, support American jobs, expand investment opportunities, and increase Illinois exports to some of the world’s fastest growing markets.
“The Trans-Pacific Partnership is a transformational agreement that will benefit businesses and workers across the country,” said U.S. Secretary of Commerce Penny Pritzker. “By eliminating more than 18,000 tariffs on ‘Made-in-America’ products sold overseas, the TPP will make it possible for more of our high-quality goods and services to reach some of the world’s fastest-growing markets. In addition, the TPP reflects the highest standards on labor, the environment, and the digital economy ever to be included in a trade agreement, which will ensure that our businesses and workers can compete on a level playing field globally.
“Our negotiators did a great job for the American people, and with these reports, our businesses and workers will understand the significant opportunities for economic growth and job creation that will result from the TPP.” TPP markets are already important to Illinois businesses, with more than 56 percent of Illinois’s goods exports going to TPP partners in 2014. Total Illinois goods exports to TPP markets nearly reached $38.3 billion last year, including $2.6 billion to Japan, $311 million to Malaysia, and $286 million to Vietnam.
Once implemented, TPP will strengthen the hand of Illinois companies by lowering the costs of doing business in these markets and ensuring fair treatment for Illinois businesses. TPP will eliminate foreign import taxes on all industrial and consumer goods, including Illinois’s top exports to new TPP markets: Chemicals, Machinery, and Information and Communication Technologies.
For more information on the Trans-Pacific Partnership, visit www.trade.gov/fta/tpp.
Source: U.S. Department of Commerce
