The FINANCIAL — UPS commends the 12 nations who have come to agreement on the Trans-Pacific Partnership (TPP), a pact that is vital to the U.S. economy, supporting global growth and spurring job creation.
“TPP is a historic agreement that represents real market opportunities for U.S. companies of all sizes and a chance for them to compete on a more level playing field with local players,” said David Abney, CEO of UPS. “We thank Ambassador Michael Froman, Acting Deputy USTR Wendy Cutler, and TPP Chief Negotiator Barbara Weisel for their tireless and genuine efforts to secure the best possible trade deal for American companies, workers, and consumers.”
The breakthrough deal represents nearly 40 percent of global GDP from the Americas to Asia. The agreement aims to establish the rules of trade for the 21st century and based on early summaries provided to stakeholders, it encourages good regulatory practices, promotes transparency, and addresses discriminatory practices between state-owned and state-supported entities that compete with the private sector, according to UPS.
“Each day, UPS alone handles six percent of U.S. GDP and two percent of global GDP. TPP will help UPS customers across multiple sectors by bringing down tariffs, accelerating the release of goods through customs, and supporting the participation of small businesses in regional and global supply chains,” Abney continued.
UPS looks forward to working with lawmakers in Washington and in their home districts to ensure a full understanding of the many market-opening provisions of this agreement, and to highlight the specific ways American businesses, particularly small- and medium-sized businesses, can capture new export opportunities.
Additionally, UPS is hopeful that after a full review, the U.S. Congress will vote to approve the agreement as soon as possible so that American companies can begin to benefit from the economic growth and jobs that it will spur.
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