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US companies give a thumbs-up to TPP

Textile firms in the US are willing to support the Trans Pacific Partnership. They feel the deal meets their key objectives. Under the negotiated terms Vietnamese cut-and-sew operations in most cases would have to buy yarn and fabric from the United States or other countries within the 12-nation free-trade zone the agreement would create. Currently, Vietnam gets most of its yarn and fabric from China, which is not included in TPP.

The 11 Pacific Rim countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. TPP is a a trade agreement that will open markets, set high-standard trade rules, and address current issues in the global economy. By doing so, TPP will promote jobs and growth in the United States and across the Asia-Pacific region.

US textile and apparel manufacturers sold more than $10 billion worth of products to TPP countries in 2013, an increase of 5.4 per cent from the previous year. Many US yarns, fabrics, and apparel currently face tariffs as high as 20 per cent upon entering some TPP countries. The American goal in the TPP negotiations is to remove tariff and non-tariff barriers to textile and apparel exports to enhance the competitiveness of its producers in the Asia-Pacific region.