Trans-Pacific Partnership Trade Pact: Tough Road Ahead
Jackson Cox, chairman and Asia-Pacific council at the American Chambers of Commerce, discusses the Trans-Pacific Partnership, the tough ride that the deal faces and the opportunities for Asia. He speaks to Bloomberg’s Rishaad Salamat on “Trending Business.”
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Boeing CEO Comment on Pacific Trade Agreement Progress
Dennis Muilenburg, Boeing president and CEO, today commented on the progress being made on the Trans-Pacific Partnership (TPP), a large free-trade agreement that would support U.S. export growth in some of the world’s fast-growing markets.
“Free-trade agreements create new opportunities for American companies and their workers. I thank the United States Trade Representative and fellow trade negotiators for their commitment to finalizing this agreement. U.S. companies need to be able to compete and win in global markets to support well-paying jobs at home. It’s critical we provide our manufacturers and exporters with the best tools to compete on a level-playing field in markets worldwide.
“More than 70% of Boeing’s commercial airplane revenue last year came from customers outside the United States, while more than 90% of our total workforce and 80% of our suppliers are based here in the United States. Looking ahead, the global economy will be more important than ever to our future growth.”
BSA Welcomes Trans-Pacific Partnership Agreement
“The Trans Pacific Partnership agreement announced today marks a significant milestone in international trade,” said Victoria Espinel, President and CEO of BSA | The Software Alliance. “Data driven innovation and services present a huge opportunity for the global economy and the software industry. For the first time, enforceable trade rules establish free flow of data across borders as the rule and address trade barriers such as requiring localization of servers. We look forward to studying carefully the text of the Agreement and we look forward to working with the Administration and Congress on this important agreement.”
Trans-Pacific Partnership trade agreement has potential to create more prosperous, food-secure world
Minneapolis – The conclusion of the Trans-Pacific Partnership negotiations in Atlanta take the world a step closer to becoming more prosperous and more food-secure.
Negotiators from 12 Pacific Rim nations including the U.S., Canada and Japan that together make up 40 percent of the world economy reached an accord over what would be the largest trade pact in history. TPP has the potential to set the standard for 21st century international trade, promoting the movement of goods, capital and ideas that spur economic growth, help combat world hunger, and raise labor and environmental standards. “In many parts of the world, food and agricultural products still face the legacy of high import barriers,” said David MacLennan, Cargill’s chairman and chief executive officer. “We believe the Trans-Pacific Partnership will allow food to move more freely across borders from places of plenty to places of need, which benefits farmers and consumers around the world.”
Cargill encourages the governments of the TPP countries to follow through on the progress made by the negotiators, as TPP would benefit many sectors of the world economy, including food and agricultural production. Farmers in producing countries could potentially reach nearly 500 million new customers in Asia, who would in turn gain access to more affordable, higher quality products. Trade agreements have historically boosted export and import flows between participating nations, leading to higher-paying jobs and improved living standards.
“Over time, the most successful countries have been those that embraced international trade,” MacLennan said. “Modern trade agreements like the TPP will continue that trend, while also setting high standards for labor, human rights and sustainability.”
Caterpillar Lauds TPP Agreement as Remarkable Accomplishment
Washington, D.C. – Caterpillar Director of Global Government Affairs Bill Lane released the following statement today in response to the announcement of an agreement in the Trans-Pacific Partnership negotiations.
“Comprehensive trade deals require persistence, patience and a recognition that trade liberalization not only generates economic growth but higher standards of living. For Caterpillar, the Trans-Pacific Partnership will enhance market access making it easier for our customers in a dozen countries to buy Caterpillar products.
Caterpillar thanks and congratulates Ambassador Mike Froman and his USTR team for what can only be described as a remarkable accomplishment. We urge Congress to rally behind this agreement so that American workers, consumers and companies can reap the benefits.”
Trade Agenda Gets a Boost
Today, Cisco is pleased that the United States and 11 other countries in the Asia Pacific region concluded negotiation of the Trans-Pacific Partnership (TPP) Agreement. We are eager to review the details of the Agreement when the Office of the United States Trade Representative (USTR) releases the final text in the coming weeks. “TPP represents an important opportunity to lower trade barriers on technology goods and services, which benefits not just the producers, but more importantly, the users of cutting-edge technology,” stated Jennifer Sanford, Cisco’s Senior Manager of International Trade Policy.
“Cisco congratulates Ambassador Froman and the entire interagency team for securing commitments that will benefit the tech sector and the growth of digital trade in the region,” added Sanford. “We look forward to working with our counterparts in the tech sector to evaluate the final deal and to engage Congress in its consideration of TPP implementing legislation,” concluded Sanford.
Citi Statement on Trans-Pacific Partnership
New York — Citi issued the following statement on the Trans-Pacific Partnership agreement reached today between the United States and eleven international countries.
“Citi congratulates the twelve negotiating parties for reaching an agreement in principle on a final text for the Trans-Pacific Partnership (TPP) after five years of intense and complex negotiations.
“The TPP will establish a free trade area in the Pacific Rim that will set comprehensive and enforceable disciplines for trade and investment among its members. These rules will serve to create a more predictable business environment that will facilitate trade and foreign direct investment between the most dynamic and forward-looking economies in the world. This will mean more growth and jobs for these economies. The agreement also is an important expression of the respective governments’ confidence in the power of competition, freedom of movement of capital, goods and services.
“In the days ahead, Citi will examine in detail the terms of the agreement that now will be made public and work with all stakeholders as they move forward with the agreement’s approval and implementation.”
The Dow Chemical Company welcomes today’s announcement on the completion of the comprehensive Trans-Pacific Partnership (TPP) negotiations. The countries involved in TPP represent 40% of the global economy and are critical markets for American exporters and investors.
“On behalf of Dow, I commend Ambassador Mike Froman and his entire team for their leadership in concluding the Trans-Pacific Partnership negotiations,” said Andrew N. Liveris, Dow’s chairman and chief executive officer. “TPP is a critical trade agreement for U.S. exporters like Dow. This landmark agreement will eliminate unnecessary trade barriers, strengthen America’s manufacturing base and further open important markets.”
The conclusion of the TPP negotiations is a tangible example of America’s leadership in the global rules-based trading system. Dow looks forward to the public review of the wide-ranging commitments in TPP. This will demonstrate the opportunities for American exporters and investors to develop new commercial opportunities in these fast growing markets.
FedEx Support for Trans-Pacific Partnership Agreement
FedEx is pleased that negotiators have reached an agreement on the Trans-Pacific Partnership (TPP). TPP is an ambitious trade deal that will link more than 40% of the world’s gross domestic product and provide small businesses with new opportunities to expand their exports. We look forward to reviewing the details of what we expect will be a landmark agreement that will benefit U.S. businesses and workers.
David L. Cunningham
Executive Vice President and COO, FedEx Express
General Electric Statement on Trans-Pacific Partnership Agreement
“We congratulate the parties on reaching agreement. TPP will expand access to key markets in the Asia-Pacific region that represent 40% of global GDP, and foster economic growth. As the world’s leading digital industrial company, GE is particularly pleased that the agreement apparently addresses both goods and digital free trade; the future of manufacturing will be driven by the ability to analyze data locally and across borders to enhance the safety, efficiency and reliability of products.” – Karan Bhatia, Vice-President, Global Government Affairs and Policy, GE
Example: GE collects data from its installed base of gas turbines around the world, in countries like Malaysia, Australia and Mexico and analyzes it to improve fuel efficiency and reduce outage times of its customers’ units. Preventing this type of data from crossing borders, where it can be aggregated and analyzed, means its customers can lose some opportunities to enhance energy efficiency- increasingly important in time when customers are seeking to maximize economic value, energy output and environmental efficiencies.
IBM Statement on Close of Trans-Pacific Partnership Negotiations
IBM released the following statement on the close of the Trans-Pacific Partnership negotiations: “IBM is pleased an agreement has been reached in the Trans-Pacific Partnership negotiations. Data is the lifeblood of the 21st century economy, and we understand this agreement contains groundbreaking provisions to safeguard the free movement of data across borders.
Government-imposed barriers have long plagued the free global movement of farm goods and manufactured products, with trade agreements trying to break old log jams. The TPP is a forward-looking trade pact that seeks to limit obstacles to digital data flows even before they can take root. IBM looks forward to release of the final text of the agreement, and anticipates lending its strong support to the TPP.” by Christopher A. Padilla, Vice President IBM Government and Regulatory Affairs
Intel Applauds the 21st Century Trade Agreement Close
Today the United States came together with 11 other countries to finalize the Trans-Pacific Partnership (TPP) Agreement in Atlanta, Georgia. “This is a significant step toward advancing global innovation and opening doors around the world for American businesses. Intel commends Ambassador Froman and the entire U.S. interagency negotiating team for their efforts to open markets and set high standards for our country – and our global economy. TPP has the potential to support America’s high-tech industry through critical intellectual property protections, limits on using encryption standards as a barrier to trade and localization policy rules of the road.”
Lockheed Martin Statement on Trans Pacific Partnership Agreement
Lockheed Martin commends the Administration for its leadership and persistence in concluding negotiations of the Trans Pacific Partnership (TPP) agreement. Increased trade with the TPP partners will expand economic opportunities and strengthen our security ties in the Asia-Pacific region. We look forward to assessing how the agreement will expand trade for the U.S. aerospace industry, and we will continue working with the Administration and Congress to support an agreement that reduces trade barriers and opens new markets for U.S. companies.
Statement from MPAA Chairman, CEO, Senator Chris Dodd on the Successful Conclusion of the TPP Negotiations
(Walt Disney Studios Motion Pictures; Paramount Pictures Corporation; Sony Pictures Entertainment Inc.; Twentieth Century Fox Film Corporation; Universal City Studios LLC; and Warner Bros. Entertainment Inc.)
“We’d like to congratulate Ambassador Froman and USTR for successfully concluding the TPP negotiations, and thank them for the tireless hard work they’ve committed throughout this entire process. Enacting a high-standard TPP is an economic priority for the American motion picture and television industry, which registered nearly $16 billion in exports in 2013 and supports nearly two million jobs throughout all fifty states. We look forward to reviewing the agreement’s final text.”
Nike, Footwear Industry, Ready for TPP Windfall
“Nike applauds the Obama administration and Ambassador Froman for successfully concluding country negotiations on the historic Trans-Pacific Partnership,” Nike said, in a statement.
“Nike supports TPP because it will allow us to innovate, expand our business and drive economic growth. Open trade enables U.S. companies to compete and consumers to win.”
PMI Comments on Trans-Pacific Partnership (TPP) Agreement
The TPP can be an important step in promoting trade and economic development. Unfortunately negotiators have traded away fairness and access to justice for all investors and instead embraced discrimination against a single sector.
The agreement creates a system of fair and equal treatment and then hangs a “Do Not Enter” sign directed to millions of people: responsible farmers, retailers, manufacturers, and suppliers who work and trade in tobacco. For the first time, negotiators have severely degraded the fundamentals of law that have rightly been at the core of trade agreements.
There have been over 600 reported investor-state disputes across many industries – energy, pharmaceuticals, insurance, and so on. Of those, PMI has brought only two cases, each to request a neutral panel to examine what we consider blatant and unjustified breaches of international laws that protect investors. The cases are still pending, and neither can justify singling out PMI or tobacco for exclusion from the TPP’s investment rules.
If the process moves ahead to approval and finalization by the parties in the months ahead, the biggest loser will be a diminished rule of law, tarnished by the politics of trade negotiators.
All investors and sectors should now be on guard, because selective justice and discrimination respect no boundaries.
P&G Applauds the Conclusion of the Trans-Pacific Partnership Trade Negotiations
P&G applauds the conclusion of the Trans-Pacific Partnership (TPP) trade negotiations, an important development for the company’s continued expansion in global markets. More than 60% of P&G’s sales come from our international operations, and we expect this agreement will expand market access and trade between countries representing roughly 40% of the world’s economy. We anticipate the TPP will generate economic growth that will bring more consumers into the middle class, reduce costs to manufacturers and consumers by eliminating or lowering tariffs, and increase consumers’ access to our product innovations throughout the TPP region. If the final agreement delivers the high-standard outcomes we anticipate, we look forward to its implementation and the economic opportunities it will bring to our employees and the consumers we serve.
UPS Applauds TPP Negotiators on World’s Largest Trade Deal
Agreement will create new market access and economic growth
Atlanta, Georgia – UPS® (NYSE: UPS), a global logistics provider and leading advocate for global trade, commends the 12 nations who have come to agreement on the Trans-Pacific Partnership (TPP), a pact that is vital to the U.S. economy, supporting global growth and spurring job creation.
“TPP is a historic agreement that represents real market opportunities for U.S. companies of all sizes and a chance for them to compete on a more level playing field with local players,” said David Abney, CEO of UPS. “We thank Ambassador Michael Froman, Acting Deputy USTR Wendy Cutler, and TPP Chief Negotiator Barbara Weisel for their tireless and genuine efforts to secure the best possible trade deal for American companies, workers, and consumers.”
The breakthrough deal represents nearly 40 percent of global GDP from the Americas to Asia. The agreement aims to establish the rules of trade for the 21st century and based on early summaries provided to stakeholders, it encourages good regulatory practices, promotes transparency, and addresses discriminatory practices between state-owned and state-supported entities that compete with the private sector.
“Each day, UPS alone handles six percent of U.S. GDP and two percent of global GDP. TPP will help UPS customers across multiple sectors by bringing down tariffs, accelerating the release of goods through customs, and supporting the participation of small businesses in regional and global supply chains,” Abney continued.
UPS looks forward to working with lawmakers in Washington and in their home districts to ensure a full understanding of the many market-opening provisions of this agreement, and to highlight the specific ways American businesses, particularly small- and medium-sized businesses, can capture new export opportunities.
Additionally, UPS is hopeful that after a full review, the U.S. Congress will vote to approve the agreement as soon as possible so that American companies can begin to benefit from the economic growth and jobs that it will spur.