Trans-Pacific Partnership successfully concluded by Obama Administration

YarnsandFibers News Bureau 2015-10-06 17:00:00 – Washington

The agreement of Trans-Pacific Partnership (TPP) has been successfully concluded. The twelve nations included in the TPP agreement are the United States, Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. These countries represent nearly 40% of global gross domestic product.

NCTO expresses gratitude to U.S. negotiators for their close cooperation on key issues in the textile chapter, responding to the announcement that the Obama Administration has successfully concluded the Trans-Pacific Partnership (TPP).

Like all private sector stakeholders, NCTO is anxious to learn the exact details of the final TPP agreement. Once it is released to the public, NCTO will undertake a thorough analysis of the text to assess the impact of the agreement on domestic textile manufacturers.

NCTO President Augustine Tantillo, who was in Atlanta for the talks said that they would like to thank Ambassador Michael Froman and the U.S. government for working closely with NCTO throughout the entire TPP process. Though they are waiting to examine the final details, their briefings at the Atlanta TPP round lead them to believe that U.S. negotiators were able to achieve a well balanced and reasonable outcome for U.S. textile manufacturers and their partners within the Western Hemisphere.

The U.S. textile and apparel industry is a significant contributor to the overall U.S. economy, producing over $70 billion in annual output and employing nearly 500,000 workers nationwide. In addition, the U.S. textile and apparel sector exported nearly $24 billion in goods in 2014.

In 2014, textile and apparel exports from the current TPP countries to the U.S. totaled $19 billion. Tantillo stated. This included the need for TPP to establish a yarn forward system as the basis for rule of origin determinations and the setting of multi-year tariff phase-outs on sensitive textile and apparel products.

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