Hoosier Ag Today by: Andy Eubank
Economic analysis by American Farm Bureau indicates the Trans Pacific Partnership is a net positive for U.S. agriculture, and AFBF supports a swift passage of the Trans Pacific Partnership trade and investment agreement. Sharon Bomer with the office of the U.S. Trade Representative says the agreement will boost exports and open new markets for agriculture.
?The Trans Pacific Partnership agreement really provides an excellent opportunity for America?s farmers and ranchers to expand their exports to the Asia Pacific region, and that region is one of the high growth areas in the world where 40 percent of current global GDP exists, and already $63 billion worth of American food and agricultural products are exported.?
One of the new Asia Pacific markets that would open as a result of TPP is Japan.
?TPP has a lot of great aspects to it. Never in my lifetime did I think we would be opening the Japan market to American food and agricultural products, and that?s what TPP does. There?s no product exclusions, everything is either going to have tariff elimination or significant new market access. So that?s really exciting, I think, for our industry.?
Covering all products grown in the U.S., TPP will add 4.4 billion dollars to American cash receipts for the nation?s farmers and ranchers, according to the American Farm Bureau?s economic analysis, and Bomer thinks all states will benefit from TPP because of the range of products whose tariffs are eliminated in addition to the opening of whole new markets.
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