The U.S. government released the final text outlining the Trans-Pacific Partnership trade deal between the United States and 11 other Pacific Rim countries after years of negotiation. This is the final word that puts everything into a clearer light although many had a general idea of what the Trans-Pacific Partnership would be like.
The National Council of Textile Organizations, based in Washington, D.C., and representing U.S. textile mills, said in a statement that it would start an in-depth review of the agreement.
NCTO said that based on their generalized understanding of the final agreement reached last month, they believe that many of the U.S. textile industryâ€™s key objectives have been met, including a yarn-forward rule of origin for most products and reasonable duty phase-outs for sensitive textile and apparel items.
For the apparel and textile industries, the trade accord is structured like other trade agreements. That means there is a yarn-forward provision that will keep Chinese textiles out of the equation unless they are in short supply within the free-trade region.
While they need to thoroughly familiarize themselves with the fine details of the agreement, they feel that the U.S. government was able to achieve a well-balanced outcome for all parties, including U.S. textile manufacturers and their partners in the Western Hemisphere.
According to the Retail Industry Leaders Associationâ€”a trade association in Arlington, Va., that represents more than 200 retailers, product manufacturers and service suppliers, the TPP agreement will save American families hundreds of millions of dollars on tariffs and taxes that will be eliminated under the accord.
RILA said that retailers look forward to educating consumers and Congress on the benefits of free trade in the months ahead.
Every member of Congress and their constituents now have the opportunity to read the text of the TPP agreement in its entirety.
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