The U.S. International Trade Commission (USITC) this week released a report on the expected impact of the Trans-Pacific Partnership (TPP) on various industries and agriculture fares especially well.
The report finds that, “Among broad sectors of the U.S. economy, agriculture and food would see the greatest percentage gain relative to the baseline projections, output would be $10.0 billion, or 0.5 percent, higher by year 15.”
“The ITC report provides another strong argument for why TPP should be passed this year,” said U.S. Trade Representative Michael Froman. “If you are a poultry farmer in Delaware this report shows that chicken exports will increase by $174 million annually under TPP. If you are a rancher in Nebraska this report shows that beef exports will increase by $876 million annually under TPP.”
Agriculture Secretary Tom Vilsack says all studies so far have shown the strong benefits TPP would have for agriculture. “TPP would further expand the markets for our American-grown products, allowing our goods to compete on a level-playing field and reach more consumers hungry for U.S. agriculture,” said Vilsack. “If we don’t act, not only will we lose these opportunities, we will be ceding our leadership in the region to China, allowing them to define the rules that the Pacific Rim plays by. We can’t afford to delay passage; there is simply too much at stake.”
The TPP agreement is with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.