Electrical and Medical Imaging Manufacturers Welcome Signing of Trans-Pacific Partnership
Electrical and medical imaging manufacturers represented by the National Electrical Manufacturers Association (NEMA) welcome the Trans-Pacific Partnership (TPP) trade agreement signed February 4, 2016, by U.S. Trade Representative Michael Froman and counterparts from the eleven partner countries.
Taken as a whole, the TPP package contains numerous commitments by the participating governments that, if implemented, will remove barriers to market access for the U.S. electroindustry, according to a statement issued by the organization.
“NEMA has reviewed the TPP text agreed in October and found that it meets our industries’ objectives for elimination of customs duties, reduction of non-tariff barriers, and opening access to standards and regulatory processes in participating markets,” said NEMA President and CEO Kevin J. Cosgriff. “The TPP would open up future opportunities for U.S. electrical and medical imaging manufacturers to compete for business in the Asia-Pacific region.”
“Electrical manufacturers look forward to working with Congress this year on legislation needed to implement the TPP and realize its benefits,” Cosgriff added.
The Trans-Pacific Partnership countries are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the U.S., and Vietnam. Together, the 12 partners had combined GDP of $28 trillion, or 36 percent of world GDP, in 2014. While the U.S. has bilateral free trade agreements in place with Australia, Canada, Chile, Mexico, Peru and Singapore, the regional TPP agreement contains new commitments to level the playing field among all participating countries in the areas including regulatory cooperation, technical barriers to trade, and competition from state-owned enterprises.
According to U.S. government data, the value of U.S. electrical and medical imaging exports to the eleven TPP countries in 2014 exceeded $23 billion. A recent analysis by the Peterson Institute for International Economics estimates that TPP will increase overall annual U.S. exports by $357 billion, or 9.1 percent over baseline projections, by 2030.