U.S. Secretary of Commerce Penny Pritzker today released two TPP Opportunities Industry Reports that spotlight key market access benefits and commitments of the Trans-Pacific Partnership (TPP). The reports detail how eliminating various tariffs in respective industry sectors will benefit American companies trying to compete in TPP markets. Across all sectors, TPP will eliminate more than 18,000 foreign taxes ensuring that Made-in-America goods and services can compete on a level playing field.
“The Trans-Pacific Partnership strengthens our nation’s standing as one of the world’s leading goods and services exporter,” Secretary Pritzker said. “The agreement will open new markets for U.S. exporters in a number of key sectors, including chemicals, consumer goods, services, and transportation. 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 Opportunities Industry Reports are now available for the following sectors: · Chemicals · Consumer Goods · Services Forthcoming TPP Opportunities Industry Reports will be released for the following sectors: · Autos · Building Products · Energy Products · Fish · Forest Products · Health · Instruments · Information Communications and Technology · Machinery · Metals · Textiles · Transportation TPP will improve access for American goods and services to the fast growing Asia-Pacific region and the more than 500 million consumers that reside in these countries. Since 2009, U.S. goods exports to TPP countries have increased by 59 percent, while services exports to these markets have expanded 36 percent. TPP markets accounted for 45 percent of total U.S. goods exports in 2014, and 43 percent of all U.S. jobs supported by goods exports can be attributed to these countries.
For more information on the Trans-Pacific Partnership, please visit http://trade.gov/fta/tpp.
Source: U.S. Department of Commerce
