The Trans-Pacific Partnership (TPP), which includes 12 nations such as United States, Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, has been concluded successfully. Almost 40 per cent of global gross domestic product is represented by these countries.
Responding to the announcement that the Obama Administration successfully concluded the Trans-Pacific Partnership (TPP), NCTO expressed gratitude to US negotiators for their close cooperation on key issues in the textile segment.
NCTO is anxious to learn the exact details of the final TPP agreement just like all private sector stakeholders. NCTO will undertake a thorough analysis of the text to assess the impact of the agreement on domestic textile manufacturers after it’s released to the public.
Augustine Tantillo, NCTO President, who was in Atlanta for the talks said that they thanked Ambassador Michael Froman and the US government for working closely with NCTO throughout the TPP process. Their briefings at the Atlanta TPP round made them believe that US negotiators were able to achieve a well-balanced and reasonable outcome for US textile manufacturers and their partners within the Western Hemisphere, although they are waiting to examine the final details.
Tantillo said that textile and apparel exports from the current TPP countries to the US totalled $19 billion last year. Thus, there was a need for TPP to establish a yarn forward system, which would form the basis for rule of origin determinations and the setting of multi-year tariff phase-outs on sensitive textile and apparel products.