U.S. Secretary of Commerce Penny Pritzker today released a report highlighting the potential benefits of the recently completed Trans-Pacific Partnership (TPP) for Virginia businesses and communities. The TPP will boost U.S. and local economic growth, support American jobs, expand investment opportunities, and increase Virginia 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 Virginia businesses, with nearly 35 percent of Virginia’s goods exports going to TPP partners in 2014. Total Virginia goods exports to TPP markets topped $6.7 billion last year, including $553 million to Japan, $133 million to Vietnam, and $118 million to Malaysia.
Once implemented, TPP will strengthen the hand of Virginia companies by lowering the costs of doing business in these markets and ensuring fair treatment for Virginia businesses. TPP will eliminate foreign import taxes on all industrial and consumer goods, including Virginia’s top exports to new TPP markets: Chemicals, Forest Products, and Textiles and Apparel.
For more information on the Trans-Pacific Partnership, visit www.trade.gov/fta/tpp.
Source: U.S. Department of Commerce
