Louisiana ports stand to see a significant increase in exports—which already account for roughly one in five jobs in the state—should the U.S. secure new trade rules this year with 11 nations under the proposed Trans-Pacific Partnership, U.S. Secretary of Agriculture Tom Vilsack says.
“Completing the Trans-Pacific Partnership provides the opportunity to open up markets, lower tariffs and, according to the Peterson Institute, increase U.S. exports by $123 billion and help support an additional 650,000 jobs,” Vilsack says in an interview with Daily Report. “This is important to grow the economy, and it’s also important because if we’re not able to get an agreement, these countries will gravitate toward China,” where environmental and labor standards are not as high as in the U.S.
The Trans-Pacific Partnership calls for lowering or eliminating most trade barriers among the United States and 11 Pacific Rim nations. Seeing the pact finalized is a big of President Barack Obama’s administration this year. But it has come up against opposition from U.S. labor unions, which say it could funnel American manufacturing jobs to lower-wage countries, and from some human rights groups and environmentalists.
“Ministers are meeting in March with the hope of finalizing whatever agreement can be reached,” Vilsack says.
Vilsack says completing the agreement is one of two big trade issues facing the U.S. this year. The other is whether Congress will give President Obama trade promotion authority to negotiate agreements such as the Trans-Pacific Partnership. Trade promotion authority requires Congress to decide on trade agreements negotiated by the president with an up or down vote, not allowing for amendments. —Steve Sanoski
