U.S. agriculture would see significant gains with the implementation of the Trans-Pacific Partnership trade agreement according to the U.S. International Trade Commission. The recently released ITC report, “Trans-Pacific Partnership Agreement: Likely Impact on the U.S. Economy and On Specific Industry Sectors,” provides an assessment of the likely impact of the agreement on the U.S. economy as a whole and on specific industry sectors and the interests of U.S. consumers.
U.S. agricultural exports would increase by $7.2 billion per year by 2032, with agricultural imports increasing $2.7 billion per year.
According to the report the United States would see the following by 2032 with the other TPP countries:
► U.S. exports would increase by $57.2 billion annually.
► Real income would increase by $57.3 billion annually.
► Agricultural exports would increase by $7.2 billion annually.
► Beef exports would increase by $876.1 million annually. Almost all of the increase in beef exports would be to Japan at $840 million annually. Beef imports would increase by $419 annually.
► Poultry exports would increase by $173.9 million annually.
► Fruit, vegetable and nut exports would increase by $574.9 million annually.
► Dairy exports would increase by $1.845 billion annually with imports increasing by $349 million.
► Corn exports would decline by approximately $31 million per year, but U.S. corn farmers would see an increase in corn sales of $207 million annually because of the increased sales of value-added products to the TPP countries.
Secretary of Agriculture Tom Vilsack says, the “ITC report echoes what every major reputable study on TPP has now found, from the Petersen Institute to the American Farm Bureau Foundation, which is that TPP will provide strong benefits for the U.S. agriculture sector, with agricultural output set to be $10 billion higher per year by 2032 than it would without the agreement. We can’t afford to delay passage; there is simply too much at stake.”