Business, Freight News, Logistics

TTP Talks Concluded

[ October 5, 2015   //   ]

Trade Groups Weigh In

October 5, 2015 –  The American Apparel & Footwear Association today released the following statement regarding the Trans-Pacific Partnership (TPP) free trade agreement.
“Free trade agreements have the potential to help U.S. industries, including ours, access new markets, new suppliers, and new customers.

“The Trans-Pacific Partnership agreement represents nearly 40 percent of the world’s economy and could present a tremendous opportunity for our industry. We are hopeful that the final agreement contains provisions to enable our members-as well as the millions of U.S. workers they employ and the billions of customers they serve-to benefit from the deal as soon as it is implemented.

“We welcome the conclusion of the TPP talks. We look forward to reviewing the details of the agreement when they are released. Throughout this process, we communicated what’s needed to create trade opportunities for the clothing and shoe industry. Now we plan to evaluate those provisions that impact the industry, review the details, and consult with our members.”

The TPP is the free trade agreement the United States is negotiating with 11 other countries from the Pacific Rim. The negotiations have been in the making for more than five years. Earlier today, negotiators concluded the talks and came to a final agreement. The full text of the agreement is expected to be released later this year.

Today, the National Foreign Trade Council (NFTC) welcomed expected benefits to regional trade and investment from the conclusion of the Trans-Pacific Partnership (TPP) negotiations between the United States, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

“Through increased market access, the TPP we have supported has the potential to provide prospective long-term benefits that reach across the U.S. economy – from providing better jobs to increasing investment and economic growth. Through better rules and opening foreign markets further, an effective TPP agreement has the potential to improve the conditions for mutual trade and investment among countries accounting for 40 percent of world economic output,” said Bill Reinsch, President of NFTC. “We thank Ambassador Michael Froman and the team of negotiators for the years of strenuous effort to reach agreement, and we look forward to reviewing the text.”

“Given the range of economies involved and the subjects covered, followed by a strong Trans-Atlantic agreement, these agreements can transform the world trading system with wide-ranging benefits,” said Alan Wolff, NFTC Chairman.

“Through the TPP negotiations, the United States and other 11 member countries set out to define a model for trade in the 21st century, while also increasing global trade and investment in this important economic region,” said Chuck Dittrich, Vice President of Regional Trade Initiatives for NFTC. “We look forward to having the opportunity to examine the details of the completed deal in the coming weeks and providing our views on the specific provisions of the agreement during this process.”

Tags: ,