ITC: U.S. exports from TPP to increase by $57.2b by 2032

The U.S. International Trade Commission released a report this week that forecasts U.S. exports related to the Trans-Pacific Partnership, if passed by Congress, will increase by $57.2 billion by 2032.

   The U.S. International Trade Commission (ITC) released a report this week that forecasts U.S. exports related to the Trans-Pacific Partnership (TPP), if passed by Congress, will increase $57.2 billion by 2032.
   In addition to the United States, the TPP includes Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
   “The ITC report provides another strong argument for why TPP should be passed this year,” U.S. Trade Representative Michael Forman said. “It is part of a growing body of evidence that shows that TPP will benefit our economy at home and allow the U.S. to help set the rules of the road for trade in the Asia-Pacific.” 
   “If you are a poultry farmer in Delaware this report shows that chicken exports will increase by $174 million annually under TPP. If you are a rancher in Nebraska this report shows that beef exports will increase by $876 million annually under TPP. And if you build cars in the Midwest, this report shows that auto exports will rise $1.95 billion annually,” he added.
   The ITC’s 792-page report, Trans-Pacific Partnership Agreement: Likely Impact on the U.S. Economy and on Specific Industry Sectors, was conducted at the request of the Office of the U.S. Trade Representative and required by the 2015 Bipartisan Congressional Trade Priorities and Accountability Act.
   As part of its assessment, the ITC investigated the impact the agreement will have on the U.S. gross domestic product; exports and imports; aggregate employment and employment opportunities; and the production, employment, and competitiveness of industries likely to be significantly affected by the agreement.
   “TPP would generally establish trade-related disciplines that strengthen and harmonize regulations, increase certainty, and decrease trade costs for firms that trade and invest in the TPP region,” the ITC said.
   While leading presidential hopefuls, Republican Donald Trump and Democrat Hillary Clinton, have criticized TPP on the campaign trail, many trade associations are urging its passage by Congress.
   “The TPP is a critically important agreement that will help to expand U.S. access to an increasingly diverse and competitive market, and we are committed to working with policymakers to pass TPP this year,” Chuck Dittrich, the National Foreign Trade Council’s vice president for regional trade initiatives, said.
   “While the ITC report underscores the economic benefits of TPP, the perils of not acting may be even greater. Earlier this year, the Peterson Institute projected that delaying the passage of TPP for just one year would cost the U.S. economy $94 billion,” Froman warned.