SFIA Comments on Completion of TPP Negotiations
SILVER SPRING, MD – October 6, 2015 – The United States and 11 other Pacific Rim countries reached a historic agreement on the Trans-Pacific Partnership (TPP) Free Trade Agreement yesterday in Atlanta. The agreement, which ties together 40% of the world’s economy, expects to reduce or eliminate tariffs on footwear and apparel while setting common standards for a region reaching from Vietnam to Canada.
“SFIA applauds the announcement of a 12-nation agreement on the historic Trans-Pacific Partnership. TPP will positively impact job creation and promote growth and innovation for the sporting goods and fitness industries,” said Tom Cove, President & CEO of SFIA. “SFIA appreciates the work of Ambassador Froman and the Administration team for their tireless work on the TPP negotiations to finalize this deal. We look forward to reviewing the details of the agreement.”
The deal which effects tariffs on almost 18,000 categories of goods has been in the making for five years and represents the largest trade deal in history. Member countries of the partnership are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam.
While the TPP would cut trade barriers for the region, increase American companies’ access to Asian markets, and contribute to countering the rise of China (a non TPP nation), it still faces a significant hurdle in getting approved by the United States and other member countries.
ABOUT SFIA: The Sports & Fitness Industry Association (SFIA), the #1 source for sport and fitness research, is the leading global trade association of manufacturers, retailers, and marketers in the sports products and fitness industry. SFIA seeks to promote sports and fitness participation as well as industry vitality through research, thought leadership, public affairs, industry affairs, and member services. For more information, please visit www.sfia.org.
# # #