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Tuesday, March 29, 2016

2016 TPP Ratification Extremely Important

ifr160401–074
VOICER
2016 TPP Ratification Extremely Important
Tom Vilsack, United States Secretary of Agriculture - Washington, D.C.

The U.S. Secretary of Agriculture continues to call on congress to ratify the Trans Pacific Partnership. Tom Vilsack says it is extremely important that the 12 nation trade pact be approved this year.

Vilsack :31 …with commodity prices where they are today.

Quote Summary - There are many reasons for that, but for agriculture it is about increasing market opportunities in Asia. Which is a fast growing market, particularly for our high value products. We are going to see significant tariff reduction and elimination on American agricultural products. Farm Bureau has proposed, and suggested, and studied this. They believe it will increase exports by over 5 billion dollars, and increase U.S. farm income by over 4 billion dollars. All of which I think is extremely important, especially with commodity prices where they are today.

Tariffs on almost all U.S. farm products would be eliminated completely, with most eliminations occurring immediately.