The apparel and footwear industries in the US stand to gain once the TPP comes into force. Over the next 15 years, apparel employment is projected to increase by 0.9 per cent and output by one per cent. Footwear employment will increase by 0.8 per cent and output by 0.5 per cent.
US consumers will also benefit as substantial duty savings help drive up income gains by about 57.3 billion dollars by the year 2032 – or about 600 dollars a year for the average family of four.
So the apparel and footwear industries say the TPP should be considered, approved, and entered into force as soon as possible and that every year it’s delayed the industry will lose more than a billion dollars in lost duty savings.
The American Apparel & Footwear Association, formed in 2000, provides its members with an array of services and resources designed to drive competitiveness in the global market. These services and resources include helpful production and safety tools, best-in-class research and reporting, and other industry best practices. The association feels the TPP will provide opportunities to reduce costs, stay competitive, and enter new markets since nearly every US job in this business depends on access to foreign customers or global supply chains or both.