Who Will Reap Benefits of TPP

Who Will Reap Benefits of TPP

May 24, 2016 

Story provided by Nebraska Farm Bureau and International Trade Commission 

While the Trans- Pacific Partnership- an agreement that the President has entered into with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam- awaits congressional action, producers are seeing the potential economic impact.

A recent report by the International Trade Commission broke down the numbers, concluding that the agreement will ultimately benefit the country’s GDP. 

The agriculture and food sectors of the U.S economy will see the greatest gain with an output increase of 0.5 percent ($10 billion) higher within 15 years. 

U.S. annual real income would be $57.3 billion (0.23 percent) higher than the baseline projections and real GDP would be $42.7 billion (0.15 percent) higher. Employment was predicted to go up as well in the report with a 0.07 percent increase (128,000 full-time equivalents).

However, the Nebraska Farm Bureau took that data even further. The agency shares what producers in one of the nation’s top beef producing states can expect from the deal. 

The Bureau’s study breaks benefits from the TPP down by county. According to the analysis, some counties such as Cuming, Custer, Platte, Dawson, and Lincoln will receive as much as $10 million in additional cash sales of agricultural commodities per year once the TPP trade protocols are fully enacted.

“While some counties will fare better than others, our analysis shows virtually every county in the state would reap benefits from the passage of the TPP legislation due to provisions eliminating tariffs and other trade barriers on Nebraska agriculture exports to the TPP partner countries,” said Steve Nelson, Nebraska Farm Bureau president, May 19.

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