Press Release Summary:
Electrical and medical imaging manufacturers represented by NEMA welcomed Trans-Pacific Partnership (TPP) trade agreement signed on February 4, 2016 by U.S. Trade Representative Michael Froman and his counterparts from 11 partner countries. After reviewing TPP text, NEMA's Kevin J. Cosgriff said that it "meets our industries' objectives for elimination of customs duties, reduction of non-tariff barriers, and opening access to standards and regulatory processes in participating markets."
Original Press Release:
Electrical and Medical Imaging Manufacturers Welcome Signature of Trans-Pacific Partnership
U.S. Trade Representative Signs Agreement to Open Asia-Pacific Markets and Set New 21st-Century Trading Rules
ROSSLYN, Va.—Electrical and medical imaging manufacturers represented by the National Electrical Manufacturers Association (NEMA) welcome the Trans-Pacific Partnership (TPP) trade agreement signed on February 4, 2016, by U.S. Trade Representative Michael Froman and his counterparts from the eleven partner countries. Taken as a whole, the agreement contains numerous commitments by the participating governments that, if implemented, will remove barriers to market access for the U.S. electroindustry.
“NEMA has reviewed the TPP text finalized in October and found that it meets our industries’ objectives for elimination of customs duties, reduction of non-tariff barriers, and opening access to standards and regulatory processes in participating markets,” said NEMA President and CEO Kevin J. Cosgriff. “The TPP would open up future opportunities for U.S. electrical and medical imaging manufacturers to compete for business in the Asia-Pacific region.”
Cosgriff added, “Electrical manufacturers look forward to working with Congress this year on legislation needed to implement the TPP and realize its benefits.”
The TPP countries are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the U.S., and Vietnam. The 12 partners had a combined GDP of $28 trillion, or 36 percent of global GDP, in 2014. While the U.S. has bilateral free-trade agreements in place with Australia, Canada, Chile, Mexico, Peru and Singapore, the TPP involves new commitments to level the playing field among all participating countries in the areas including regulatory cooperation, technical barriers to trade, and competition from state-owned enterprises.
According to U.S. government data, the value of U.S. electrical and medical imaging manufacturers’ 2014 exports to the eleven TPP partners exceeded $23 billion. A recent analysis by the Peterson Institute for International Economics estimates that TPP will increase overall annual U.S. exports by $357 billion, or 9.1 percent over baseline projections, by 2030.
The TPP cannot take effect until Congress passes and the President signs legislation to implement U.S. commitments in the agreement.
The National Electrical Manufacturers Association (NEMA) represents nearly 400 electrical, medical imaging manufacturers at the forefront of electrical safety, reliability, resilience, efficiency, and energy security. Our combined industries account for more than 400,000 American jobs and more than 7,000 facilities across the U.S. Domestic production exceeds $117 billion per year.
National Electrical Manufacturers Association
Visit our website at www.NEMA.org