The US International Trade Commission (USITC) is seeking input for a newly initiated investigation into the probable economic effect of America's involvement in the Trans-Pacific Partnership (TPP), a free trade agreement with seven countries.
The TPP is a potential platform for economic integration across the Asia- Pacific region, and US Trade Representative Ron Kirk has requested that the USITC investigate the potential benefits and drawbacks of the agreement on US producers, exporters and importers.
A free trade agreement between the US and TPP members would result in the elimination of most tariffs on goods traded between the US, Australia, Brunei Darussalam, Chile, New Zealand, Peru, Singapore, and Vietnam. The US Trade Representative Office (USTR) indicated that advice from the USITC will assist the USTR in its consultations with Congress and its preparations for negotiations.
The USITC aims to advise President Obama as to the probable economic effect of providing duty-free treatment for imports of products of the TPP members on industries in the United States.
In addition, as requested by the USTR, the USITC will advise the President as to the probable economic effects of eliminating tariffs on imports of certain agricultural products of the TPP members on US ranchers and farmers.
The USITC expects to submit its report, which will be confidential, to the USTR by June 2, 2010.
The original TPP agreement was signed by New Zealand, Chile and Singapore on July 18, 2005, and by Brunei on August 2, 2005. On September 22, 2008, comprehensive negotiations for the US to join the TPP were announced. Australia, Peru and Vietnam also intended to participate in the negotiations.
The first round of negotiations was scheduled to take place in March 2009, but was postponed to allow the US administration time to conduct a general review of US trade policy.
On November 14, 2009, President Obama confirmed that the United States would participate in the broader TPP including all seven aforementioned countries.
Asia-Pacific countries have negotiated bilateral trade agreements and regional agreements, including ASEAN+3 (Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, Brunei, Cambodia, Laos and Burma, plus China, Japan and Korea) and ASEAN+6 (ASEAN plus China, Japan, Korea, India, Australia, and New Zealand). There are said to be 175 preferential trade agreements in force that include Asia-Pacific countries, with another 20 awaiting implementation and more than 50 others under negotiation.
The USITC will hold a public hearing in connection with the investigation on March 2, 2010, and the Commission is calling for requests to appear at the hearing by February 16, 2010. The consultation period for written submissions closes on March 23, 2010.
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