In a joint statement commenting on the successful conclusion of the TPP negotiations-following week-long talks in Atlanta, U.S.-ICC Chairman Terry McGraw and Secretary General John Danilovich said:
“The economic and strategic benefits of the Trans-Pacific Partnership should not be underestimated. With global trade flows declining in the first half of this year, the TPP has the potential to provide a much needed stimulus to the world economy-with the benefits felt way beyond the 12 signatory states. Small companies, in particular, will benefit enormously from simplified market access to a trade bloc covering almost 40% of global economic output.
“As the largest trade deal in over two decades, the TPP represents a major breakthrough for the global trading system. In particular, we hope that the political leadership shown by the TPP partners will generate momentum in the ongoing talks to conclude the long-stalled Doha Round of trade talks.
ICC stands ready to work with its global network to ensure that the TPP is implemented with the minimum of delay and to ensure the best practices of this “21st Century” agreement can be replicated at the global level
“ICC stands ready to work with its global network to ensure that the TPP is implemented with the minimum of delay and to ensure the best practices of this “21st Century” agreement can be replicated at the global level.”
The TPP covers some 40% of the global economy and will create a new economic bloc with reduced trade barriers for goods and services. ICC has been a strong proponent of the TPP as an important complement to ongoing multilateral trade talks under the World Trade Organization.
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