The U.S. International Trade Commission reports that U.S. agriculture would see significant gains with the implementation of the Trans-Pacific Partnership trade agreement. The recently released ITC report, “Trans-Pacific Partnership Agreement: Likely Impact on the U.S. Economy and On Specific Industry Sectors,” provides an assessment of the likely impact of the agreement on the U.S. economy as a whole and on specific industry sectors and the interests of U.S. consumers.
U.S. agricultural exports would increase by $7.2 billion per year by 2032, with agricultural imports increasing $2.7 billion per year.
According to the report, U.S. fruit, vegetable and nut exports would increase by $574.9 million annually.
Secretary of Agriculture Tom Vilsack says, the “ITC report echoes what every major reputable study on TPP has now found, from the Petersen Institute to the American Farm Bureau Foundation, which is that TPP will provide strong benefits for the U.S. agriculture sector, with agricultural output set to be $10 billion higher per year by 2032 than it would without the agreement. We can’t afford to delay passage; there is simply too much at stake.”
