Washington – In 2011, trade – exports and imports – with the 11 other countries participating in the U.S. Trans-Pacific Partnership (TPP) negotiations supported more than 187,000 jobs in Oregon, according to new economic data released today by the Business Roundtable. In addition to the United States, the TPP countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The new data provides analysis on how expanding economic ties with these countries will help to support Oregon’s economic growth and jobs.
“The 11 other TPP countries represent critical markets for U.S. goods and services exports, accounting for a combined population of 482 million people and representing roughly 15 percent of global trade,” said Business Roundtable President John Engler. “The TPP holds significant potential to create new opportunities for Oregon, all 50 states, and the overall U.S. economy to benefit from increased commercial engagement with these countries.”
Business Roundtable’s Oregon state fact sheet details the benefits of trade and investment with these countries, including:
- Forty-eight percent of Oregon goods exports went to TPP countries in 2012.
- Oregon exported about $4.3 billion worth of goods to the six TPP countries that are current bilateral U.S. free trade agreement (FTA) partners – Australia, Canada, Chile, Mexico, Peru and Singapore – in 2012, accounting for roughly 26 percent of Oregon’s goods exports globally.
- Oregon exported about $1.4 billion worth of services to the six current U.S. FTA partner countries in 2011 – accounting for roughly 17 percent of Oregon’s services exports globally.
- The TPP will open new markets for Oregon with five countries that are not current U.S. FTA partners – Brunei, Japan, Malaysia, New Zealand and Vietnam. Oregon exported $3.6 billion in goods in 2012 and $736 million in services in 2011 to these “new FTA” TPP countries.
Learn more about how trade and investment with the TPP countries supports growth and jobs in Oregon.
To educate on the many benefits of trade to Oregon and the importance of passing Trade Promotion Authority legislation to advance U.S. trade agreements such as the TPP and support U.S. growth and jobs, the Roundtable and other business associations have launched the Trade Benefits America Coalition. For more information, visit the Roundtable’s website at www.brt.org/trade or the coalition’s website at www.tradebenefitsamerica.org.