Washington – Business Roundtable, representing CEOs of leading U.S. companies from every sector of the economy, today applauded U.S. Trade Representative Michael Froman and his counterparts from the other Trans-Pacific Partnership (TPP) countries for making substantial progress toward completing the TPP. A high-standard TPP agreement between the United States and 11 other countries – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – will usher in a new framework for expanding trade and investment between the United States and the growing Asia-Pacific region.

“America’s business leaders commend this significant progress and urge the expeditious conclusion of an ambitious and comprehensive TPP agreement, which will help create economic opportunities with the dynamic Asia-Pacific region and support U.S. growth and jobs,” said John Engler, President of the Business Roundtable. “Combined, the 11 other TPP countries comprise the largest market for U.S. goods and services exports in the world and also account for roughly 15 percent of global trade, underscoring the significance of a high-standard TPP agreement.”

In recent years, trade between the United States and other TPP countries has continued to grow, with 45 percent of U.S. goods exports going to the region in 2012. In 2011, two-way trade with the TPP countries supported an estimated 14.9 million American jobs. The TPP agreement will help to grow U.S. exports by building on existing free trade agreements with Australia, Canada, Chile, Mexico, Peru and Singapore, while opening new markets for the United States with Brunei, Japan, Malaysia, New Zealand and Vietnam. For Business Roundtable’s state-by-state studies on current trade and investment ties between each state and the TPP countries, click here. 

In addition to the expeditious conclusion of a high-standard TPP agreement, Business Roundtable members also call for passage of updated Trade Promotion Authority legislation to advance the TPP and other future U.S. trade deals.

“Trade Promotion Authority is an essential partnership between Congress and the Administration to complete trade agreements such as the TPP, TTIP and TISA that benefit the U.S. economy and support American jobs,” said Engler. “We urge Congress and the Administration to work together to act on updated Trade Promotion Authority legislation as soon as possible.”