SOURCE: U.S. Conference of Mayors

U.S. Conference of Mayors

May 19, 2016 10:39 ET

The U.S. Conference of Mayors Responds to Findings of the International Trade Commission's Report on the Trans Pacific Partnership Trade Agreement

WASHINGTON, DC--(Marketwired - May 19, 2016) - The U.S. Conference of Mayors (USCM) yesterday reasserted its support of the Trans Pacific Partnership (TPP) Trade Agreement on the heels of the release of the International Trade Commission's Report, which specifically outlines the projected impacts of the TPP on the American economy.

According to the ITC report released yesterday, adoption of TPP would result in an annual increase in real income of $57.2 billion by 2032 over the report's baseline projections. Real GDP would be $47.3 billion higher and U.S. exports to TPP countries would increase by $57.3 billion annually by 2032.

To elaborate on these benefits, Conference TPP Task Force Chairman Tampa (FL) Mayor Bob Buckhorn and Conference Jobs, Education and Workforce Committee Chairman West Sacramento (CA) Mayor Chris Cabaldon, yesterday joined a press conference call with U.S. Trade Representative Ambassador Michael Froman, as well as American Farm Bureau Federation President Vincent "Zippy" Duvall.

On the call, the mayors reiterated the U.S. Conference's strong support for TPP. In June of 2014 and 2015, the USCM passed policy in support of the Administration's efforts to pursue high-standard 21st century trade agreements that create jobs; increase exports and compete in a highly competitive globalized economy in the Pacific Rim. In addition to its policy, USCM's own forecasts through IHS Global Insight show that U.S. city/metropolitan economies will continue to account for more than 90% of the nation's Gross Domestic Product, and 92% of its future economic growth. Moreover, nearly 90% of the nation's exports are generated within its city metro economies.

"Exports will clearly play a key role in the future growth of cities and their metro areas," said Mayor Buckhorn. "And the ITC's report confirms for us that the TPP trade deal would pave the way for metro economies to take full advantage of dramatically expanding markets overseas, which in turn would further bolster the nation's economic future. This will have a dramatic impact on local economies and jobs."

Mayor Cabaldon, who in January 2016 testified before the U.S. International Trade Commission on behalf of USCM, reiterated the points of his testimony on today's call. "Passage of TPP is critical to ensuring that the United States and its metro economies remain leaders in the global market place. The inclusion of enforceable labor and environmental standards, transparency, uniform tariffs, protection of intellectual property rights, and other standards and objectives will result in increased global trade that promotes fairness throughout the global trading system, and therefore increase U.S. competitiveness and wage growth."

In a separate statement, USCM President Baltimore Mayor Stephanie Rawlings-Blake added, "We cannot afford to delay action on TPP. According to an earlier Peterson Institute study, delaying TPP one year would cost the economy $94 billion."

USCM CEO and Executive Director Tom Cochran said the ITC's report underscores why Congress needs to act. "It is clear that TPP will determine who will write the trade rules for 40% of the global economy, so its geopolitical significance cannot be overstated."

About The United States Conference of Mayors -- The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more. There are nearly 1,400 such cities in the country today, and each city is represented in the Conference by its chief elected official, the mayor. Like us on Facebook at facebook.com/usmayors, or follow us on Twitter at twitter.com/usmayors.

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