Trans-Pacific Partnership (TPP) will make it easier for manufacturers, service providers, agricultural businesses and other industry product and service providers to sell across the 12 TPP countries by eliminating taxes and other trade barriers. Global Chamber has developed support services to help companies leverage the opportunities.
There are 18,000 tax and trade barriers that will be eliminated for American products. For example, poultry tariff from the U.S. to Malaysia is 40%, and the auto parts tariff is as high as 27% into Vietnam. After TPP is fully ratified by the 12 countries and the new lower taxes are in place, those tariffs will drop to zero.
Foreign direct investment will also be impacted. Rules, regulations and taxes will be changing, and that will impact where companies put their manufacturing facilities.
Service providers will also benefit. There's something in TPP for everyone!
For the 12 countries of TPP, Global Chamber already has chapters in these 4..
- United States
And for these 8, we are setting up a chapter... and for all regions, Global Chamber virtual groups are forming to support growth from and to any TPP countries in specific industry and service areas.
- New Zealand
In aggregate these 12 countries account for 800 million people, 37% of global GDP and 45% of total U.S. goods exports. Current trade with these countries supports 4.2 million jobs in the U.S. Read more HERE from the U.S. Department of Commerce, International Trade Administration.
The Office of the U.S. Trade Representative has summarized the impact of TPP. Please read through the USTR summaries and reports to learn more about how you'll be able to benefit from the changes coming once TPP is agreed upon by the participating countries. And stay in touch.
Global Chamber CEO/founder Doug Bruhnke spoke on TPP this week on PBS Horizon.
Benefits are coming for exporters, importers and investors in all 12 countries. Join us to gain insights and access.