Today, as Congress welcomed Japanese Prime Minister Shinzo Abe to the Capitol, negotiations for a historic trade agreement continued between the United States, Japan and ten other countries.
This agreement – the Trans-Pacific Partnership (TPP) – promises to unlock markets and break down trade barriers for American exports, meaning more economic growth and better opportunities for American workers, farmers, and job creators here at home.
The Good News: Trade is already occurring with our TPP partners. According to a report by the U.S. Department of Commerce, in 2014 U.S. goods exports to TPP countries totaled $727 billion.
The Better News: The nations involved in TPP talks are among the fastest growing in the world. By further breaking down trade barriers with these allies, it will be easier to sell American exports to even more customers across the globe.
The Bottom Line: The numbers speak for themselves. According to the U.S. Department of Commerce, exports of U.S. goods to all TPP markets supported an estimated 3 million jobs in 2013. TPP would increase market access to American goods, meaning more opportunity for better, higher-paying jobs here at home.
The United States is currently negotiating TPP with Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.