Release of full text of trade deal confirms economic benefits for $76.3 billion export industry in Los Angeles
LOS ANGELES, CA — Yesterday, President Obama released the full text of the Trans-Pacific Partnership (TPP), a trade deal that will have great benefit on the Los Angeles economy and U.S. trade as a whole. While the agreement brought some opposition, it will remove barriers to trade, which is critical to the U.S. remaining competitive in the global economy, and will undoubtedly result in job creation and economic growth throughout the U.S., and specifically in the Los Angeles region.
“If we want good paying jobs in the U.S. and a better quality of life for all members of our society, we must grow our share of the world economic pie,” said Chamber President & CEO Gary Toebben. “Removing barriers to will have huge impact on the Southern California region, which represents more than 40 percent of the State’s exports. Trade with other countries is an effective strategy to build the State’s overall economy.”
In California, where 45 percent of total goods exported went to the TPP region and more than $71 billion is exported to TPP markets each year, the agreement is important to maintaining that market share. “This agreement will prevent the future exclusion of American goods, services and investments in Asian markets,” continued Toebben.
“This is particularly important to the L.A. region, which serves as a gateway to and from the U.S. for trade with these TTP countries.”
The TPP will not only expand existing trade between California and six current U.S. free trade agreement (FTA) partners, it will also open new markets for California with five Asia-Pacific countries that are not current U.S. FTA partners. “The increased trade opportunities that are presented by the TPP will benefit California businesses, farmers and workers,” maintained Toebben. “Trade with these economies already supports 1.7 million jobs in California, and this new deal will result in job growth as it helps build on the trade and investment relationships that support those jobs.
The Los Angeles Area Chamber of Commerce represents the interests of business in L.A. County. Founded in 1888, the Chamber promotes a prosperous economy and quality of life in the Los Angeles region. For more information, visit www.lachamber.com.