Industry Calls for Passage of TPP
The heads of the National Association of Manufacturers (NAM), the American Farm Bureau Federation, the Coalition of Services Industries, and the Information Technology Industry Council joined together today to urge President Obama and congressional leaders to work together to expedite passage of the Trans-Pacific Partnership (TPP) trade agreement this year.
In a joint letter, the four industry leaders explained both the importance of trade to private-sector economic growth and how TPP passage would expand U.S. access to nearly half a billion consumers in the Asia-Pacific region to the benefit of America’s agricultural, manufacturing, service and technology sectors.
“Without the TPP, manufacturers in the United States are losing market share to countries that already have their own agreements that disadvantage U.S. manufacturing,” said NAM Vice President of International Economic Affairs Linda Dempsey. “With continuing weakness in the U.S. and global economies, our leaders must work now to forge a path forward to improve U.S. competitiveness and U.S. economic engagement. By opening new markets and raising standards, the TPP will give manufacturers in the United States improved access to new customers, helping our manufacturers continue to grow and create more high-paying American jobs.”
The letter includes examples and data pointing to how established free trade agreements with 20 countries have increased U.S. economic growth and production domestically. In addition, the industry leaders communicated how a fully implemented TPP will level the playing field and raise critical trade standards with the fastest-growing region in the world.
Among the data cited in the letter, U.S. agricultural exports to FTA countries increased 136 percent between 2003 and 2015 and exports to Canada and Mexico have quadrupled in the 20 years since NAFTA was enacted.
U.S. manufacturing output has nearly doubled since the NAFTA was signed, and about half of all U.S. manufactured goods were exported overseas in 2015.
Under U.S. FTAs, services exports have consistently grown since 1993, adding over $150 billion in
exports for the United States. Trade has also been critical to the growth of the U.S. technology sector, with exports growing by more than 50 percent since 1997.
“Expanding access to nearly half a billion consumers in the Asia-Pacific through action on the Trans-Pacific Partnership (TPP) this year is critical to the growth and competitiveness of America’s agricultural, manufacturing, service and technology sectors,” the letter concluded. “The expansion of the U.S. agricultural, manufacturing, services, and technology sectors is due in significant part to corresponding global economic growth and global trade. In particular, America’s free trade agreements (FTAs) with 20 countries have spurred economic growth though expanded exports and sales overseas across all four sectors, while growing production and jobs domestically.”
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