The Trans-Pacific Partnership
The Trans-Pacific Partnership (TPP) is a trade agreement between 12 Pacific Rim countries (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam), which among other things, contains measures to lower trade barriers such as tariffs.
For more information about the TPP see our previous post, Fox Guide to the Trans-Pacific Partnership.
U.S. Secretary of Commerce Penny Pritzker released the Opportunities for the U.S. Service Sector Report, which highlights the positive impact of the TPP.
Secretary Pritzker’s report emphasized that the TPP will expand investment opportunities for U.S. services, including those in the telecommunications, software, retail, entertainment and delivery.
“The Trans-Pacific Partnership strengthens our nation’s standing as the world’s leading services exporter,” Secretary Pritzker said. She further emphasized the positive impact on the service sector, by stating: “With TPP, we can grow our $233.1 billion trade surplus in services and support even more high-paying American jobs.”
Benefit for U.S. Service Suppliers
According to the Office of the United States Trade Representative, services industries account for four out of five U.S. jobs and also represent a significant and growing share of jobs in other TPP countries (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam). The TPP will benefit U.S. service suppliers, both small and large, seeking to do business in TPP markets.
The report lists TPP commitments that will directly benefit U.S. services suppliers, including removing unnecessary barriers that reduce efficiency of trade in the global supply chain and increased transparency in licensing and qualification regulations and procedures for service suppliers.
To learn more about the opportunities for the U.S. service sector related to the TPP, visit http://trade.gov/fta/tpp/industries/pdfs/service.pdf.