The Trans-Pacific Partnership (TPP) is an ambitious, 21st century trade agreement between the United States and 11 other countries. It will open foreign markets, address long-standing and newer foreign trade barriers, and set strong, enforceable rules for U.S. trade with these countries.
A 21st Century Trade Agreement: The TPP
TPP: Setting High U.S. Standards For Trade
With its comprehensive trade coverage and “first ever” provisions for a U.S. free trade agreement, the Trans-Pacific Partnership (TPP) is a modern trade agreement for the modern, global economy. The TPP includes provisions related to digital commerce and trade in services, fair competition with state-owned enterprises, intellectual property rights and investment protections, and labor and environmental standards. At a time when the rules of the road for trade are up for grabs in Asia and around the world, the TPP sets strong and enforceable rules for U.S. trade.
The Economic Opportunity of TPP
The TPP consists of 12 countries – United States, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – that combined represent nearly 40 percent of global GDP. Forty-five percent of U.S. goods exports currently go to the TPP countries, and U.S. trade with the TPP countries supported an estimated 15.6 million American jobs in 2014. By lowering foreign tariffs and trade barriers, the TPP agreement will make U.S.-made products more competitive and support growth and jobs here at home.
Benefits to U.S. Farmers, Workers & Business
More than 95 percent of the world’s population, and 80 percent of its purchasing power, are outside the United States. This means future U.S. economic growth and jobs increasingly depend on selling more U.S.-made goods and services to these consumers around the world. U.S. trade agreements like the TPP help do exactly that. There are more than 304,000 U.S. exporters – farmers, ranchers and businesses of all sizes. Jobs in export-intensive industries pay up to 16 percent more in wages than other jobs. The TPP agreement will further open markets for U.S. goods and services, benefitting America’s farmers, workers and businesses.
By The Numbers: How trade with TPP countries benefits U.S. jobs & growth
Number of U.S. jobs supported by trade with TPP countries.
Value of U.S. goods and services exported to TPP countries in 2014.
The share of U.S. goods exports bound for TPP countries.
Tell Congress: Support the Trans-Pacific Partnership
How TPP Benefits Your State
The Business Roundtable has studied the benefits of trade and the importance of the TPP to each U.S. state. The results? Trade has supported jobs and investment across the country and the TPP opens the door to even more. Find out how trade benefits your state and the potential of TPP.Learn More