According to the head of the Ministry of Commerce, the TTP will stimulate domestic economic growth, maintain employment, expand investment opportunities and increase exports.
WASHINGTON, 19 Oct. The head of the U.S. Department of Commerce penny Pritzker on Monday prepared a report, according to which the implementation of the Treaty on TRANS-Pacific partnership (TPP) will have a positive effect on regions of the United States.
“TTP will stimulate domestic economic growth, maintain employment, expand investment opportunities and increase export… Partnership will result in the elimination of more than 18 thousand taxes on goods “Made in America” sold abroad, will allow our products and services of high quality to reach some of the fastest growing markets in the world” — presented by the press service of the Ministry of the word Pritzker.
In particular, the positive effect of the partnership will receive the Texas (the second largest and the area of the U.S. state), approved by the Minister.
According to her, more than 54% of Texas production in 2014 was exported to other TPP countries, it 156,6 billion dollars, including 5.5 billion to Japan, $ 1.7 billion in Malaysia and 0.6 billion in Vietnam.
TTP will strengthen the company’s Texas by reducing the cost of doing business in these markets, they note in the Agency. TPP will also eliminate the tax on the importation of all industrial and consumer products, including information and communication technologies, chemicals, machines that take a lion’s share in the regional economy, summarized in the report.
The TPP agreement was reached on 5 October. It will created a free trade area in the Asia-Pacific region. The Pacific countries account for over 40% of the world economy and a third of world trade. The parties to the agreement — the U.S., Canada, Mexico in North America, Peru and Chile to the South, Japan, Malaysia, Brunei, Singapore and Vietnam in Asia as well as Australia and New Zealand.