Trade Ministers from the twelve Trans-Pacific Partnership (TPP) countries announced today their renewed commitment to an “ambitious, high standard and comprehensive” TPP agreement with continuing negotiations into 2014, as they closed the TPP Ministerial meeting in Singapore. Manufacturers are encouraged that the TPP Ministers‘ will continue negotiating and keep their focus on achieving outcomes that will spur economic and jobs growth, rather than close a less than ambitious deal.
As manufacturers pointed out most recently in our Trading Up blog post series, the TPP presents an unprecedented opportunity to open large new markets to U.S. manufactured goods and set strong rules that will enhance the competitiveness of our nation’s manufacturers. To reach that potential, the TPP must be done right and achieve major new market access through the elimination of tariff and non-tariff barriers, and set in place high-standard rules on intellectual property, enforcement, investment, trade facilitation rules, data flows and other key issues. Manufacturers look forward to working with U.S. negotiators in achieving those objectives so that a final TPP will create economically meaningful new opportunities for America’s manufacturers with the 800 million consumers that are part of the $28 trillion TPP market.
Manufacturers are also working intensively to support legislative movement on the Executive-congressional partnership known as Trade Promotion Authority that is vital to America’s success in advancing a robust trade agenda that will eliminate barriers overseas. NAM’s Board recently approved a unanimous resolution highlighting the importance of and our commitment to this fundamental tool in U.S. trade policy and manufacturers are working with the Administration and the Hill on this top priority.
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