The Trans-Pacific Partnership agreement, signed earlier this year by the 12 participating countries, has come under heavy criticism lately, especially on the presidential campaign trail. Concerned that the pact could be delayed or derailed before it receives Congressional approval, IDFA and more than 200 food and agriculture organizations and businesses sent a letter this week to House and Senate leaders, urging them to approve the agreement this year.
TPP is expected to help level the playing field for U.S. exports and create new opportunities in the highly competitive Asia-Pacific region, as long it’s implemented accurately and all countries agree to honor their commitments.
The letter, sent to congressional leaders in both parties, said, “TPP provides high-standard trade rules, allowing the United States to lead in establishing market-driven and science-based terms of trade that will directly benefit the U.S. food and agriculture industry in our efforts to compete and thrive in this important economic region. If we do not lead, we will simply fall behind as our competitors aggressively work to establish alternative trade agreements that place their agricultural interests at an advantage.”
The groups concluded for a call for action now, noting that delaying TPP by even one year would represent a $94 billion permanent loss, or opportunity cost, to the U.S. economy, according to the Peterson Institute for International Economics.
For more information, contact Beth Hughes at bhughes@idfa.org.