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Feb 11, 2016
Recently, the American Soybean Association (ASA), along with U.S. Soybean Export Council (USSEC) submitted comments to the International Trade Commission on the impact of the Trans-Pacific Partnership (TPP) on U.S. soy. TPP seeks to lower trade barriers such as tariffs, establish a common framework for intellectual property, enforce standards for labor law and environmental law, and establish an investor-state dispute settlement mechanism. TPP makes sure U.S. farmers, ranchers, manufacturers, and small businesses can compete—and win—in some of the fastest-growing markets in the world.
Soybeans and soybean products will be minimally but positively impacted by the TPP agreement through the elimination of tariffs and an increase in direct sales of soybean and soybean products in TPP countries. In the 2014/2015 marketing year, the United States exported $5 billion of soybeans and soybean products to the TPP region and $27.7 billion to the rest of the world. This number is likely to grow under the new agreement. The TPP strengthens trade rules and provides new market access for U.S. agricultural exports to Japan, Malaysia, Vietnam, New Zealand and Brunei.
Click here to read the entire letter of comments.
