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Overview of the Trans Pacific Partnership
INCREASING AMERICAN EXPORTS, SUPPORTING AMERICAN JOBS
President Obama announced in November 2009 the United States’ intention to participate in the Trans-Pacific Partnership (TPP) negotiations to conclude an ambitious, next-generation, Asia-Pacific trade agreement that reflects U.S. economic priorities and values. Through this agreement, the Obama Administration seeks to boost U.S. economic growth and support the creation and retention of high-quality American jobs by increasing exports in a region that includes some of the world’s most robust economies and that represents nearly 40 percent of global GDP. The Obama Administration, in close partnership with Congress and a wide range of stakeholders, is working to conclude a strong agreement that addresses the issues that U.S. businesses and workers face in the 21st century.
LEADING ASIA-PACIFIC REGIONAL INTEGRATION INITIATIVE
The United States is negotiating the TPP with 11 other like-minded countries (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam) that share a commitment to concluding a high-standard, ambitious agreement and to expanding the initial group to include additional countries throughout the Asia-Pacific region. We are in the endgame of negotiations, making TPP the most promising platform for Asia-Pacific regional trade integration.
AMERICAN COMPETITIVENESS IN THE ASIA-PACIFIC
The TPP is the cornerstone of the Obama Administration’s economic policy in the Asia Pacific. The large and growing markets of the Asia-Pacific already are key destinations for U.S. manufactured goods, agricultural products, and services suppliers, and the TPP will further deepen this trade and investment. As a group, the TPP countries are the largest goods and services export market of the United States. U.S. goods exports to TPP countries totaled $698 billion in 2013, representing 44 percent of total U.S. goods exports. U.S. exports of agricultural products to TPP countries totaled $63 billion in 2013, 42 percent of total U.S. agricultural exports. U.S. private services exports totaled $172 billion in 2012 (latest data available), 27 percent of total U.S. private services exports to the world. America’s small- and medium-sized enterprises alone exported $247 billion to the Asia-Pacific in 2011 (latest data available).