The FINANCIAL — Wine Institute applauds the governments of United States and 11 other Pacific Rim nations for successfully completing the Trans-Pacific Partnership (TPP) negotiations to eliminate tariffs faced by California wineries abroad, remove non-tariff barriers and set enforceable rules for trade.
“Strong and market-opening trade agreements grow the U.S. economy and create and support well-paying U.S. jobs. We believe that TPP will deliver these results,” said Wine Institute President and CEO Robert P. (Bobby) Koch. “We congratulate the Administration for its hard work and look forward to reviewing the details of the agreement and continuing to work with Congress and the Administration on the TPP.”
As a result of free trade agreements implemented since 1989, U.S. agricultural exports have nearly quadrupled in value and now stand at a record $152.5 billion for fiscal year 2014. For wine, the percentage growth is even more dramatic. “Trade agreements have helped level the playing field and grow U.S. wine exports by 1,420 percent from $98 million in 1989 to nearly $1.5 billion last year,” Koch added.
The 12 TPP countries are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam, according to Wine Institute.