The conclusion of the 12-nation Trans Pacific Partnership (TPP) Agreement is good news for U.S. companies and for Pennsylvania and New Jersey exporters. Over the past two years, Pennsylvania exported $18.8B to all TPP markets. In the last two years alone, 47% of Pennsylvania’s total goods exports went to the TPP Region. Similarly, in New Jersey exports to TPP markets reached $12.7B annually, and accounted for 34% of total goods exports from the Garden State.
To date, 49% of Pennsylvania’s exports and 39% of New Jersey’s exports come from countries with whom the United States has free trade agreements. With the conclusion of the TPP negotiations and with the support of Congress for ratification, customs duties will be reduced or eliminated, with enhanced trade rules making it easier to do business in these markets.
Making companies aware of these market opportunities supports our mission of accelerating the global business growth of companies in the Greater Philadelphia Region. Since 2002, we have helped companies in the region generate over $1.3B in new export sales.
Following the success of our March 2015 Global Business Conference, “Making Free Trade Agreements Work for You,” our March 2016 Global Business Conference, we will brief Pennsylvania and New Jersey businesses on the new market opportunities in TPP countries.
ARLINGTON, Va. – The U.S. Trade and Development Agency applauds today’s agreement by all partners of a high-standards Trans-Pacific Partnership (TPP) agreement. This 21st century agreement is critical for America’s economic leadership, as it puts the United States at the center of a free trade zone covering two-thirds of global GDP. It ensures preferential access for U.S. goods and services in the Asia-Pacific, opening markets that are home to 570 million new middle-class consumers. In addition to unlocking opportunities for American businesses and American workers, it includes the strongest labor and environmental standards ever included in a free trade agreement.