USITC Releases TPP Report; Meat Institute Welcomes Positive FindingsWednesday, May 25, 2016
(North American Meat Institute)
The Trans-Pacific Partnership (TPP) trade agreement, if ratified, will provide modest gains for the U.S. economy, according to a report released by the U.S. International Trade Commission (USITC). The report noted that under TPP U.S. gross domestic product would grow 0.15 percent, or $42.7 billion, by 2032, and real annual income would rise 0.23 percent, or $57.3 billion over that same period. The U.S. agriculture and food sectors stand to benefit most significantly from TPP, with output expect to rise 0.5 percent over 15 years, and beef exports projected to grow $876 million annually. TPP's positive impact on the U.S. economy is even greater when intellectual property rights protections, services sector benefits, disciplines on state owned enterprises, reduction of non-tariff barriers and other provisions on digital trade are considered.
The Meat Institute welcomed the USITC's findings and said the report underscores the critical importance of TPP to the long-term economic stability and viability of the U.S. meat and poultry industry, while promoting transparency, driving innovation and supporting robust labor standards. U.S. hides, skins and value-added products, such as wet blue hides, also stand to benefit from TPP ratification.share on facebook share on twitter