Source: NCPA
The Trans-Pacific Partnership (TPP), a trade agreement which would expand American trade with nations in the Asia-Pacific region, could increase exports by up to 37.3 percent and generate $295 billion annually in income gains by 2025, according to a new report by National Center for Policy Analysis Research Associate Alyson Cuervo.
“Benefits from joining the TPP would amount to $5 billion in 2015, growing to $14 billion annually by 2025,” says Cuervo. TPP nations would see significant net income and exports gains by 2025.
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Each participating country would see an export increase of between 2.5 percent to 37.3 percent by 2025.
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Income gains would total $295 billion annually by 2025.
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Japan would see the greatest gains from the TPP, with $119 billion in income gains and $176 billion in exports by 2025.
Originally a trade agreement between Brunei, Chile, New Zealand and Singapore, the TPP could soon expand to twelve more countries, including the United States. For the United States, the TPP would:
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Expand US markets abroad, especially for small businesses,
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Improve transparency and consistency of the regulatory process,
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Include groundbreaking new rules on state-owned enterprises,
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Improve the intellectual property rights framework, and
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Promote a thriving digital economy.
“As with the North American Free Trade Agreement, the Trans-Pacific Partnership will positively impact small businesses, allowing them to compete more effectively in the world market,” says Cuervo. “Given that a very large number of U.S. exporters are small businesses, a competitive small business sector means a more competitive United States.”
The Trans-Pacific Partnership: Opportunities for International Trade and Internal Growth: http://www.ncpathinktank.org/pub/ba804