Acting Under Secretary Ken Hyatt (middle) Ken speaking at a TTIP panel hosted by the Bertelsmann Foundation
Supporting U.S. Exports
Ken Hyatt is the Acting Under Secretary of Commerce for
no denying that trade has been a central issue in this presidential election
season. That includes the debate over the Trans-Pacific Partnership (TPP), a historic trade
agreement that would reduce and eliminate trade barriers among 12 countries
that carry 40 percent of global GDP, including countries in the Asia-Pacific
where the majority of the global middle class will reside by 2030.
importance of TPP and the surrounding debate is precisely why the International
Trade Administration is continuing its efforts to educate workers, businesses,
and the larger public about the benefits of this agreement.
the core tools of that education campaign is the Trans-Pacific Partnership Country Webinar Series. Through this series, we will
inform stakeholders of commercial opportunities, as well as provide insight
into strategies for increasing competitiveness inside our TPP partner markets.
The next session will focus on Canada and Mexico and will take place on August
10th (you can register by clicking here). Click here to find the complete schedule of webinars
and to register.
element of our campaign is a comprehensive series of reports and fact-sheets
that explain how U.S. exporters will benefit under a realized TPP. That series
now includes an authoritative report
outlining TPP opportunities
in all 11 partner markets, with deeper analysis of specific industry sectors.
This report complements the series of fact-sheets we released earlier this
are available here.
perhaps the best tool we have to educate stakeholders is the success U.S.
exporters have already experienced in our free trade partner markets that are
also TPP signatories; success that will only be enhanced once TPP is a reality.
those markets is Vietnam, which last year was our fastest growing export market
among our TPP partners,
with a year-over-year increase of nearly 25 percent. Vietnam's tremendous
promise as a market for our exporters is that much more evident when you
consider that the country's GDP has grown during the past quarter-century by
more than 5 percent, currently boasts the fastest-growing middle class in the
region, and that Vietnam's middle class is expected to double by 2020. And
under TPP, tariffs will be reduced for information and communications
technologies by 96.9 percent, tariffs on textiles and apparel by 98.4 percent,
and tariffs on chemicals by 85.4 percent, all on the first day the agreement is enacted.
example is Singapore. Since 2004 when the U.S.-Singapore free trade agreement
entered into force, we have seen an increase in U.S.
exports of 48 percent.
Last year, Singapore yielded the sixth-largest trading surplus for our
exporters. Those gains will surely improve under TPP, which will expand the
"rules of origin" to ensure that more U.S. exports receive duty free treatment,
while reducing barriers for our
including in the areas of architecture, engineering, and auditing.
there is Mexico, our third-largest export market that currently supports more than
1 million American jobs.
TPP will not only increase market access for our exporters. It will also reduce
barriers that specifically hinder small and-medium sized exporters, by creating
transparent and predictable rules to facilitate the quick release of goods from
customs, reducing unnecessary paperwork, and ensuring data flows to facilitate
e-commerce. Just as importantly, TPP will strengthen the supply chains that run
through our two countries,
deepening a manufacturing platform where 40 percent of the inputs of Mexican
goods exports to the United States are, in fact, made in America.
nearly 200 Foreign Commercial Service officers and staff in our 11 TPP partner
markets, in addition to our officers and staff in more than 100 U.S. cities, we
stand ready to connect our exporters to the distributors, manufacturers, and
customers that will drive success under TPP.
to all of you for the work you do to support U.S. exports and business
A neighbor, an ally, and our third-largest trading partner: Mexico — and its relationship with the U.S. — has never been more important. As part of the ongoing work to reinforce that relationship, Mexico has published a new and innovative National Cluster Map, which identifies areas for investment and job creation and enhances regional economic development between the United States and Mexico.