USDA Data Highlight Trans-Pacific Partnership (TPP) Benefit to the States
Just over a week ago the U.S. Department of Agriculture released data suggesting that the Trans-Pacific Partnership (TPP) trade agreement would increase agricultural exports to the benefit of all 50 states.
The report accompanying the data observed that “TPP is a 21st century trade agreement that will promote job growth, increase farm income, generate greater rural economic activity, and help to expand U.S. agricultural exports to some of the fastest growing countries in the Asia-Pacific region.” Tariffs in the TPP member countries will be cut creating new market access opportunities for the producers and exporters of soybeans and soybean products; beef and poultry; and fresh fruits and fresh and processed vegetables.
Follow the link below to find out how your state will benefit from finalization and ratification of TPP.
ALEC has long recognized the positive impact that international trade has on the national and state economies. Ninety-five percent of the world’s consumers and 80 percent of global purchasing power are outside our national borders, and exports support 11.3 million jobs. More than one million of those jobs are supported by agricultural exports. ALEC understands the significant role that a wisely-negotiated TPP can play in economic growth and has had model policy supporting its successful conclusion.
TPP is an innovative trade framework including the United States and 11 other trading partners (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam) which will remove trade barriers for goods and services, improve intellectual property rights protections and codify 21st century trade rules. Unlike many trade frameworks, TPP is designed to include additional members. We highlighted TPP in our recent publication Innovate Policy for the Future as an innovative trade framework that once finalized will likely serve as the template for free trade agreements for decades to come. The USDA report offers further evidence that optimism about TPP’s potential is warranted.