Weekly Trade Spotlight: The Trans-Pacific Partnership
On June 14, the second round of negotiations for the Trans-Pacific Partnership (TPP) Agreement began in San Francisco, California. The eight initial countries involved in the TPP are the United States, Singapore, Chile, New Zealand, Brunei, Australia, Peru, and Vietnam.
The Obama Administration intends for this high-standard, 21st-century trade agreement to expand U.S. exports to the dynamic economies of the Asia-Pacific, create and retain American jobs. integrate American companies in Asia-Pacific production and supply chains, and promote new technologies and emerging economic sectors. Importantly, it will create more opportunities for America’s small- and medium-sized companies, prioritize labor and environmental protections, and foster development.
This week’s negotiating round in San Francisco will focus on setting the framework and pace of the negotiations. Stakeholders and Congressional staff have been invited to participate in a series of activities on-site throughout the week.
In 2009, U.S. goods exports to the Asia-Pacific region totaled $618 billion, agriculture exports were $72 billion, and U.S. services exports to the region grew to $187 billion. U.S. small and medium-sized enterprises alone exported $193 billion to the Asia-Pacific in 2009.
USTR formally notified Congress of the Obama Administration's intent to enter into negotiations of the TPP on December 14, 2009. Since then, USTR has been working with Congress and stakeholders to obtain public input in the negotiations through briefings, advisory meetings, and comments from federal register notices. USTR is also conducting a fifty-state domestic outreach program to meet face-to-face with stakeholders across the country about the agreement.
The first round of negotiations took place from March 15-19 in Melbourne, Australia.
For more information on the TPP negotiations, visit www.ustr.gov/tpp-san-francisco.