In 2011, trade ‘ exports and imports ‘ with the 11 other countries participating in the US Trans-Pacific Partnership (TPP) negotiations supported an estimated 36,100 jobs in Vermont, according to new economic data released Monday by the Business Roundtable. In addition to the United States, the TPP countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The new data provide analysis on how expanding economic ties with these countries will help to support Vermont’s economic growth and jobs. ‘
‘The 11 other TPP countries represent critical markets for U.S. goods and services exports, accounting for a combined population of 482 million people and representing roughly 15 percent of global trade,’ said Business Roundtable President John Engler. ‘The TPP holds significant potential to create new opportunities for Vermont, all 50 states, and the overall U.S. economy to benefit from increased commercial engagement with these countries.’’
Business Roundtable’s Vermont state fact sheet details the benefits of trade and investment with these countries, including:’
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ Fifty-seven percent of Vermont goods exports went to TPP countries in 2012. ‘
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ Vermont exported about $2.1 billion worth of goods to the six TPP countries that are current bilateral U.S. free trade agreement (FTA) partners ‘ Australia, Canada, Chile, Mexico, Peru and Singapore ‘ in 2012, accounting for roughly 48 percent of Vermont’s goods exports globally. ‘
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ Vermont exported about $168 million worth of services to the six current U.S. FTA partner countries in 2011 ‘ accounting for roughly 21 percent of Vermont’s services exports globally. ‘
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ The TPP will open new markets for Vermont with five countries that are not current U.S. FTA partners ‘ Brunei, Japan, Malaysia, New Zealand and Vietnam. Vermont exported $359 million in goods in 2012 and $71 million in services in 2011 to these ‘new FTA’ TPP countries.
Learn more about how trade and investment with the TPP countries supports growth and jobs in Vermont. ‘
To educate on the many benefits of trade to Vermont and the importance of passing Trade Promotion Authority legislation to advance U.S. trade agreements such as the TPP and support U.S. growth and jobs, the Roundtable and other business associations have launched the Trade Benefits America Coalition. For more information, visit the Roundtable’s website at www.brt.org/trade or the coalition’s website at www.tradebenefitsamerica.org.
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with $7.4 trillion in annual revenues and more than 16 million employees. BRT member companies comprise more than a third of the total value of the U.S. stock market and invest $158 billion annually in research and development ‘ equal to 62 percent of U.S. private R&D spending. Our companies pay more than $200 billion in dividends to shareholders and generate more than $540 billion in sales for small and medium-sized businesses annually.’
Washington ‘ 12.16.2013