UPS, a global logistics provider and leading advocate for global trade, commends the 12 nations who have come together to sign the Trans-Pacific Partnership (TPP), a pact that is vital to the U.S. economy, supporting global growth and job creation. This action brings the agreement one step closer to the ratification and implementation stage.
“TPP will set the rules of global trade in the 21st century and presents economic growth opportunities for our business and our customers,” said David Abney, CEO of UPS.
“TPP is a historic agreement that represents real market opportunities for American companies, workers, and consumers.”
The World Bank estimates TPP will raise GDP by an average of 1.1 percent for the 12 member countries by 2030, with exports projected to rise more than 10 percent on average across the region. The agreement cuts burdensome customs red tape, encourages good regulatory practices, promotes transparency, and addresses discriminatory practices between state-owned and state-supported entities that compete with the private sector.
“TPP will help UPS customers across multiple sectors by bringing down tariffs, accelerating the release of goods through customs, and particularly support the participation of small businesses in regional and global supply chains,” Abney continued.
UPS has been a vocal supporter of the TPP; and as the U.S. Congress and each of the TPP nations assess the provisions of the agreement, we look forward to highlighting the specific ways businesses, particularly small and medium-sized businesses, can capture new export opportunities.
UPS urges the U.S. Congress in the coming months and after a full review to vote to approve the agreement so that American companies can begin to benefit from the economic growth and jobs that it will spur.