On December 10, 2013, the United States and Australia, Brunei Darussalam, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, announced substantial progress toward the completion of the Trans Pacific Partnership (TPP) negotiations. The TPP is the most significant trade negotiation in a generation, and promises significant economic benefits for American businesses, workers, farmers, ranchers, and service providers.
According to an analysis supported by the Peterson Institute, a TPP agreement provides global income benefits of an estimated $223 billion per year, by 2025. Real income benefits to the United States are an estimated $77 billion per year. The TPP could generate an estimated $305 billion in additional world exports per year, by 2025, including an additional $123.5 billion in U.S. exports.
Number of Economies: 12 countries in total; United States, Australia, Brunei Darussalam, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
Market Size: 793 million consumers
Combined GDP: $28.1 trillion in 2012 (39.0% of World GDP)
U.S. Benefits from Trade with TPP Economies
U.S.-TPP Trade: $1.8 trillion in goods and private services in 2012 (37% of total)
U.S.-TPP Trade Growth: Goods and services trade up 46% in the last 3 years (2009-2012)
Foreign Direct Investment From TPP Countries in the U.S.: $620.3 billion (23% of FDI stock in the United States)
TPP Foreign Affiliate Employment: 1.4 million Americans
Top U.S. Markets in TPP: Canada ($354 billion), Mexico ($243 billion), Japan ($116 billion)
Jobs Supported by Exports: An estimated 4 million jobs were supported by U.S. goods and services exports to TPP countries in 2012.
U.S. Small and Medium Sized Enterprise Exports in TPP: 97% of all goods exporting companies to TPP countries are SMEs (2011)
SMEs accounted for 29% of the total value of goods exports to TPP countries in 2011
Goods Exports to TPP Countries: $689.1 billion (45% of total U.S. goods exports)
Up 46 % from 2009
Key Export Categories: (Goods 2012)
Machinery ($109 billion)
Electrical machinery ($83 billion)
Vehicles ($82 billion)
Mineral fuel (oil) ($58 billion)
Plastics ($33 billion)
Manufacturing Exports: $619 billion
Up 52 % from 2009
Agricultural Exports: $59.2 billion in 2012
Up 36 % from 2009
Top Agricultural Exports: Corn ($5.7 billion)
Pork and Pork Products ($4.3 billion)
Soybeans ($3.6 billion)
Beef and Beef products ($3.3 billion)
Fresh fruit ($3.1 billion)
Services Exports to TPP Countries: $172 billion in 2012
Over 27% of total U.S. services exports
Up 34% from 2009
