North American Meat Institute Urges Congress to Approve TPPMonday, November 14, 2016
Washington, DC—With the election now completed and Congress back in Washington, DC, North American Meat Institute President and CEO Barry Carpenter called on Congress to approve the Trans-Pacific Partnership (TPP) agreement.
“The time is now for Congress to act on the TPP, which is integral to the future growth of the U.S. meat and poultry industry,” Carpenter said. “The agreement offers numerous economic opportunities which will create more American jobs and have a tremendous multiplier effect throughout the U.S. economy.”
The TPP agreement will reduce or eliminate import tariffs on U.S. meat and poultry products in the world’s fastest growing economic region, making U.S. products more competitive and providing an opportunity for industry growth. Lower tariffs and increased market access will expand export opportunities in key markets such as Japan and Vietnam. At the same time, it will promote transparency, drive innovation and support robust labor standards.
Failing to act on the TPP agreement is economically significant and potentially devastating. For example, Australian beef exporters currently enjoy an 11 percent tariff advantage in the Japanese market as a result of the Australia-Japan free trade agreement. In 2015, this tariff advantage cost the U.S. nearly $300 million in lost beef sales. As each year passes without the TPP, Australia will continue to benefit as its tariff declines in Japan, while U.S. beef producers and processors will lose against this significant trade advantage.
TPP is a regional trade deal that includes the United States, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The agreement, and the economic and trade opportunities it represents, also provide a foundation for trade expansion worldwide as it includes the prospect of adding other countries in the future, such as Indonesia, the Philippines, South Korea, Taiwan and Thailand—all of which have expressed interest in joining the trade bloc.
More on the economic benefits of the TPP agreement is available here.share on facebook share on twitter