SPI Issues Statement on Senate's approval of TPA.
Press Release Summary:
On behalf of U.S. plastics industry and its workers, SPI's William R. Carteaux congratulated Senate for approving Trade Promotion Authority (TPA). "This vote," offered Carteaux, "will give trade negotiators the authority and the flexibility they need to finalize a robust Trans-Pacific Partnership (TPP) between the United States and 11 Pacific-rim countries." Carteaux cited TPA as having potential to expand exports as well as allowing companies to create more jobs with better wages.
Original Press Release:
The Plastics Industry Trade Association Issues Statement on Senate's Approval of Trade Promotion Authority (TPA)
WASHINGTON—The U.S. Senate advanced Trade Promotion Authority Wednesday. William R. Carteaux, president and CEO of SPI: The Plastics Industry Trade Association made the following remarks in response to the vote:
“On behalf of the nation’s $380-billion plastics industry and its 900,000 workers, SPI congratulates the Senate for approving Trade Promotion Authority (TPA). This vote finally clears the way for TPA to reach the President’s desk, and will give trade negotiators the authority and the flexibility they need to finalize a robust Trans-Pacific Partnership (TPP) between the United States and 11 Pacific-rim countries. This historic agreement has the potential to expand exports, a critical component of America’s domestic growth and a vital part of the U.S. plastics industry’s continued success at home and abroad.
“TPA will also make it easier for trade negotiators to reach other important free trade agreements (FTAs) that have the potential to further increase exports of U.S. goods. The U.S. only has 20 FTA partners currently, but they purchase a disproportionately high percentage of U.S. goods. In 2014 these 20 countries received 47 percent of U.S. exports, worth a total of $765 billion according to the U.S. International Trade Administration. Furthermore the plastics sector enjoys a trade surplus of $20.6 billion with America’s existing FTA partner countries. Clearly, FTAs are good for U.S. manufacturing and for the U.S. plastics industry, and TPA will enable the U.S. to expedite more of them in the future.
“Today’s vote will also directly benefit manufacturing workers, by allowing companies to create more jobs that offer better wages than other positions that aren’t tied to exporting. According to the Wall Street Journal, manufacturing jobs tied to products destined for export pay roughly 15 percent more than jobs unrelated to export. That’s good for American workers and their families as well.
“SPI thanks the Senate, the House and the Administration for coming together to make TPA a reality. We look forward to a strong TPP and other beneficial FTAs that continue to support the growth of American manufacturing.”
Founded in 1937, SPI: The Plastics Industry Trade Association promotes growth in the $427 billion U.S. plastics industry. Representing nearly one million American workers in the third largest U.S. manufacturing industry, SPI delivers legislative and regulatory advocacy, market research, industry promotion and the fostering of business relationships and zero waste strategies. SPI also owns and produces the international NPE trade show. All profits from NPE are reinvested into SPI’s industry services. Find SPI online at www.plasticsindustry.org and www.inthehopper.org.
"From resin suppliers and equipment makers to processors and brand owners, SPI is proud to represent all facets of the U.S. plastics industry," said William R. Carteaux, president and CEO, SPI. "Our most recent economic reports show that the plastics industry as a whole is resilient, and has come through the recession significantly better than other U.S. manufacturing sectors."
Contact:
Jacob Barron
202-974-5249
JBarron@plasticsindustry.org
