The USDA says the Trans Pacific Partnership agreement will help the U.S. agriculture industry as a whole but what exactly does this mean for Iowa?
According to the USDA, TPP will boost demand for U.S. farm and food products among 500 million consumers in 11 countries across the Asia-Pacific. They also say it will help increase farm income, generate rural economic activity, and support local jobs.
Iowa Agriculture Secretary Bill Northey says it would set agriculture way back if congress didn?t pass this agreement.
?It certainly would be a loss. It would be a loss of opportunity to increase exports but in the meantime other countries are creating bi-lateral agreements. Usually one, two, or three countries working together at a time. So not only do we not make progress but we likely fall behind those ongoing bi-lateral agreements out there. That then puts us farther back even in a worse position than we have already been,? Northey said.
According USDA Economic Research Service 2013 State data, agriculture exports support 78,800 Iowa jobs and bring $10.4 billion dollars in revenue.
Under the TPP, countries agreed to eliminate over 18,000 tariffs including 35 percent tariffs on soybeans.
Organizations who oppose TPP such as the AFL-CIO say it fails to create jobs, protect the environment, and ensure safe exports.
TPP is set to be released online soon so the people will get a chance to see what the agreement is all about.
