The U.S. government has finally drafted a trade agreement between the United States and 11 Pacific Rim countries. The Trans-Pacific Partnership is expected to reduce tariffs and open markets to nearly 800 million consumers.
While the agreement still needs to be ratified by Congress, retailers and representative trade associations have been quick to applaud the measure, seven years in the making.
The TPP could help manufacturing in areas such as Vietnam and make it easier for global e-commerce businesses to grow.
"Release of the TPP text is the next step toward ratifying this historic trade agreement," said Hun Quach, VP of international trade, RILA. "The TPP agreement is the largest free-trade agreement in history, and it will not only save American families hundreds of millions of dollars on tariffs and taxes, but it will open foreign markets and level the playing field for American businesses.
"Every member of Congress and their constituents now have the opportunity to read the text of the TPP agreement in its entirety. Retailers look forward to educating consumers and Congress on the benefits of free trade in the months ahead."
-Read the TPP
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