Washington – Business Roundtable today released the following statement after the U.S. International Trade Commission (ITC) released its report on the Trans-Pacific Partnership (TPP):
“The release of the ITC report marks an important step in the process for considering the TPP. We look forward to reviewing the report’s findings as we continue to highlight the benefits of the TPP to American businesses, farmers and workers,” said Tom Linebarger, Chairman and Chief Executive Officer of Cummins Inc., and Chair of the Business Roundtable International Engagement Committee. “The TPP will remove many foreign barriers to U.S. goods and services and impose strong, enforceable rules for trade – enabling U.S. manufacturing, services and technology companies to grow their sales to important international markets.”
“The TPP sets high standards and reflects American priorities, and if the United States doesn't take the lead in shaping international trade rules, our economic competitors will,” continued Linebarger.
Business Roundtable is urging Congress and the Administration to intensify their efforts to address outstanding industry issues and enact the TPP this year to seize this key opportunity to support U.S. growth and jobs.
Trade and U.S. trade agreements have a proven record of promoting U.S. economic growth and jobs, and the TPP will create new opportunities for American businesses, farmers and workers. Below are several key facts about trade and the TPP:
- More than 95 percent of the world’s population and 80 percent of its purchasing power are outside the United States – trade agreements enable us to reach those customers.
- Exports accounted for one-third of U.S. economic growth between 2009 and 2014, and nearly half of U.S. goods exports to the world went to the United States’ 14 free trade agreement (FTA) partner countries in 2014.
- Of the 41 million American jobs supported by trade – exports and imports of goods and services – more than 15 million depend on U.S. trade with the other 11 TPP countries.
- The TPP will give American-made products a competitive edge by cutting over 18,000 foreign tariffs and addressing other foreign barriers. Currently, U.S. exporters face some of the highest foreign tariffs in the world.
Expanding trade is a key element in the Business Roundtable plan for stronger economic growth and job creation. For more information on these policy priorities, see www.BRT.org/growth.