Jun152016
Posted at 6:12 PM
U.S. Secretary of Commerce Penny Pritzker delivered remarks at the Central Illinois Chamber of Commerce fly-in on Tuesday, June 14 in Washington, D.C. Hosted by the Peoria, Illinois Area Chamber of Commerce, the event invited more than 50 Peoria business leaders and local Illinois elected officials to discuss issues impacting the Central Illinois area.
During her remarks, Secretary Pritzker stressed the economic growth potential presented by the transformative trade agreement known as the Trans-Pacific Partnership. Secretary Pritzker highlighted the TPP's ability to give local companies access to foreign markets and eliminate tariffs making ‘Made in America’ more competitive in the global marketplace.
Remarks as Prepared for Delivery
Thank you, Congressman LaHood, for the generous introduction and for your friendship. It is so great to be here today with all of you. While I may have spent the last three years in Washington, I will always feel most at home among the business community – especially business leaders from my home state of Illinois. I know Central Illinois is a region divided in terms of baseball loyalties, but to all of the Cardinals fans here today, I warmly welcome you to jump on the Cubs bandwagon this season.
As Commerce Secretary, my job is to be your partner and the voice of the private sector in the Administration. Under President Obama’s leadership, the Department of Commerce has been transformed into a true bridge between the private sector and government. We provide the services and craft the policies needed by companies of all sizes to prosper in the global economy. Put simply: our role is to both keep America open for business and to ensure that the world is open to American businesses.
In order for our companies and our workers to succeed in an increasingly-competitive global economy, they must have fair access to some of the fastest-growing markets on the planet. Everyone here appreciates that 96 percent of the world’s consumers live outside our borders. Last year alone, Peoria-area businesses exported $11.2 billion in goods and services. And goods exports support over 345,000 jobs in Illinois. But too often, your companies lack equal access to foreign markets and confront significant barriers to entry. We need modern, high-standard trade agreements like the Trans-Pacific Partnership, or TPP, to address those challenges.
On day one, TPP will eliminate more than 18,000 tariffs on exported goods, strengthen existing supply chains, and compel our partner countries to make the economic reforms necessary to attract investment, support economic development, and reduce poverty in their countries. Consider the impact of TPP on a company like Caterpillar, which employs 3,200 workers in Peoria. The bulldozers that Caterpillar makes in East Peoria currently face a 15 percent tariff in Vietnam. TPP would eliminate that tariff – which is effectively a tax on our Made in Illinois products. It will reduce the cost of each bulldozer by $150,000 for Vietnamese customers, making our products more competitive.
Put simply: the Trans-Pacific Partnership is good for Central Illinois’ workers, businesses, and the economy. Though this clear and straightforward economic opportunity is within reach, we are not there yet. The time for all of us to act is now. A report by the Peterson Institute shows that if TPP is delayed by just one year, the United States will see an estimated one-time national loss of $94 billion. And don’t forget that our competition is not standing still.
Since 2000, there have been nearly 100 new trade agreements in the Asia-Pacific region. In addition, momentum continues to build for the Chinese-led Regional Comprehensive Economic Partnership. This agreement will only further entrench China’s interests in the region and put American exporters at a disadvantage. For the United States, TPP is an opportunity to secure our influence in the Asia-Pacific region and set the standards for trade in the 21st century.
If we are going to see TPP become law, we need you as our partners, making the case for trade in your communities, in your states, and nationwide. The best argument in favor of trade comes from all of you, business leaders and job creators who understand the real value of trade and exports. You understand that trade creates export-intensive jobs which pay about 16 percent more than other jobs. You understand that trade agreements keep companies in the game by providing access to the global market. You understand that trade is a necessity in today’s increasingly globalized economy.
I urge you today to make your voices heard. Reach out to your employees, your friends, your family, your neighbors. Tell them about how TPP will create more jobs for your workers, more customers for your companies, and more growth for our economy. Working together, I am confident we can ensure Central Illinois and its businesses, YOUR businesses, remain on the leading edge of competiveness. Now, I am happy to answer your questions. Thank you.
