Washington – Business Roundtable today released the following statement in support of the Trans-Pacific Partnership (TPP) agreement:
“Business Roundtable supports the TPP because this significant agreement will promote U.S. economic leadership and much-needed U.S. growth and jobs by expanding U.S. trade opportunities and setting strong new rules for international commerce,” said Tom Linebarger, Chairman and Chief Executive Officer of Cummins Inc. and Chair of the Business Roundtable International Engagement Committee. “We want Congress to approve the TPP this year. To that end, we are urging the Administration to quickly address the remaining issues that impact certain business sectors in order to ensure the broadest possible benefits to all sectors of U.S. business, which will enable the broadest support possible for the TPP.”
“The TPP will open up and expand markets for U.S. companies, creating and supporting jobs here at home. Ninety-six percent of the world’s population lives outside the United States. Those are consumers and businesses that want to buy American products and services,” said Doug Oberhelman, Chairman and Chief Executive Officer of Caterpillar Inc., and Chairman of Business Roundtable. “International trade supports more than one in five American jobs, and the United States must continue to expand trade relations around the world, including in the dynamic Asia-Pacific market.”
The TPP represents a huge opportunity for the U.S. economy and American companies, farmers and workers. In 2014, the United States and the other TPP countries had a combined population of 810 million and accounted for 36 percent of global GDP. Nearly 45 percent of U.S. goods exports went to the other 11 TPP countries in 2014. The TPP will help increase U.S. trade and investment ties with these countries and further open up these markets. The TPP will do so by, among other things, eliminating or reducing an estimated 18,000 foreign tariffs on American-made products and addressing non-tariff barriers to U.S. exports of goods and services.
“By knocking down foreign barriers and addressing 21st century trade challenges for American companies, farmers and workers, the TPP agreement will support U.S. growth and the millions of American jobs that depend on trade,” added Linebarger. “The TPP is a trade agreement for the modern, global economy that 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.”
Of the nearly 40 million American jobs supported by trade – exports and imports – more than 15 million depend on trade with the other 11 TPP countries. Click here for Business Roundtable national and state-by-state fact sheets on the benefits of trade with the other TPP countries.