For the past five and half years, we have been working to negotiate the Trans-Pacific Partnership (TPP), a high standard agreement which supports more well-paying American jobs, strengthens our middle class, and advances both our interests and our values abroad. Today, we are pleased to announce that the complete TPP agreement is now publicly available at http://go.wh.gov/TPPText.
Continuing our commitment to transparency, this release complements a number of additional resources that we have made available on the same website, including state-by-state fact sheets, issue briefs, and chapter summaries.
First and foremost, TPP will position Americans to compete and win in tomorrow’s global economy. This is the first trade agreement to put a real focus on American small businesses who will gain powerful tools to help them export. This is the first trade agreement to put disciplines on state-owned enterprises to make sure that when they compete against our private firms, there’s a level playing field. And this is the first trade agreement to take on the digital economy, ensuring that individual and businesses in America and around the world will benefit from the expanding opportunities offered by a free and open Internet.
Those are just three innovative ways that TPP advances what President Obama has called “middle-class economics—the idea that the country does best when everybody has got a fair shot, everybody is doing their fair share, everybody is playing by the same rules.” Importantly, TPP is also the largest tax cut on American exports in a generation, slashing over 18,000 individual taxes on the products American manufacturers make, American farmers grow, and American innovators create. By selling more Made-in-America products around the world, we’ll support more high-paying jobs here at home.
American values will be advanced along with our interests. With this agreement, we have an opportunity not only to promote growth, but to shape the framework in which that growth takes place. For example, through TPP, hundreds of millions of workers will have their basic labor rights recognized and gain tools to protect those rights. Our oceans, forests, and wildlife will gain important new protections, too, thanks to the highest environmental standards of any regional trade agreement. By making these commitments fully enforceable, TPP will help ensure that trade-driven growth is inclusive and sustainable.
I would also encourage everyone to take a moment to consider the costs of not moving forward with this agreement. U.S. leadership in writing the rules of the road for trade in the Asia-Pacific region is critical. After all, this isn’t everyone’s approach to trade. Other countries, such as China, are already moving forward with deals that don’t reflect our interests and our values. Failure to pass TPP would come at a high price here at home: jobs lost, wages cut, and opportunity squandered. TPP promises to shape a better tomorrow: a global economy where more Americans get a fair shot, a U.S. economy with more higher-paying jobs, and American households with paychecks that go further.
The ultimate decision as to whether the United States leads on trade remains with America’s elected representatives, and we’ll continue to work closely with Congress and all stakeholders to ensure this agreement can begin delivering on its promise as soon as possible. As we continue this important conversation, I’m confident the American people will see this historic agreement for what it is: trade done right.