New Commerce Report Illustrates Economic Benefits for U.S. Firms Doing Business with Trans-Pacific Countries

U.S. Secretary of Commerce Penny Pritzker today released a new report that highlights the benefits U.S. businesses can experience when exporting to the 11 Trans-Pacific Partnership (TPP) countries. The report details each market’s top export sectors and explains how existing tariffs will be impacted once the agreement enters into force.

“The Trans-Pacific Partnership enhances the United States’ global competitiveness and is critical to growing our economy and supporting good-paying U.S. jobs,” said Secretary Pritzker. “This report provides U.S. companies with information to more effectively export their products to some of the world’s fastest-growing markets and understand how critical TPP is to their global export efforts.”

The TPP is comprised of a diverse range of markets that range from top five U.S. export destinations – Canada, Mexico, and Japan – to growing Asia region markets – Malaysia and Vietnam – and Latin American markets with existing trade agreements for TPP to build upon – Chile and Peru.

The report shows U.S. businesses how this important agreement can open doors for the high-quality American products and services that global consumers desire. By eliminating more than 18,000 tariffs on ‘Made-in-America’ products sold overseas, the TPP will enable U.S. businesses to compete on a level playing field, while defining the highest standards on labor, the environment, and the digital economy ever to be included in a trade agreement. In 2013, nearly 176,000 U.S. companies exported goods to TPP countries.

In 2014, U.S. goods exports to TPP markets totaled $726.5 billion and supported nearly 3.1 million jobs.

According to a recent Peterson Institute for International Economics report, approving and implementing TPP will result in higher U.S. real national income and additional exports each year after it is enacted. By 2030, those yearly gains will be $131 billion in additional income and $357 billion in additional Made-in-America exports. The Peterson analysis finds that the bulk of this income gain goes to American workers and that this income growth will result in higher wages for American workers.

The Department of Commerce is committed to educating U.S. businesses and workers on the importance of Trans-Pacific Partnership. To view the full report, visit www.trade.gov/fta/tpp/pdfs/full-country-report.pdf. To learn more about the Trans-Pacific Partnership, visit www.trade.gov/tpp. To help determine the tariff reductions for various products to TPP countries once the agreement enters into force, visit the newly updated Tariff Tool.