In conjunction with a series of Made in Rural America Executive Actions announced by President Obama and the White House, the U.S. Department of Agriculture (USDA) released data showing the opportunities for agriculture of the Trans Pacific Partnership (TPP) to help boost agricultural exports across the 50 United States. TPP is a 21st century trade agreement that will promote job growth, increase farm income, generate greater rural economic activity, and help expand U.S. agricultural exports to some of the fastest growing countries in the Asia-Pacific region. USDA released its TPP data today after President Obama announced a set of new executive actions to help grow manufacturing in rural areas and to provide new markets to small businesses across our nation's heartland. The President's announcement underscored the White House's "Made in Rural America" initiative launched in February 2014 and co-led by Agriculture Secretary Tom Vilsack.
Fiscal years 2009 to 2014 represent the strongest six years in history for U.S. agricultural trade, with U.S. agricultural product exports totaling $771.7 billion, despite the fact that many other countries' markets are not as open to American products as our markets are to theirs. Agricultural exports last fiscal year reached $152.5 billion, the highest level on record. U.S. agricultural exports now support more than one million jobs here at home, a substantial part of the nearly 11.3 million jobs supported by exports all across our country.
Here is just a snapshot of how the TPP would boost exports of some U.S. food and agricultural products:
- Soybeans and Soybean Products: Under the Agreement, tariffs across the TPP region will be cut, offering new market access opportunities to U.S. producers and exporters of soybeans and soybean products. In 2014 the United States exported $5.5 billion of this product to the TPP region.
- Poultry and Beef: Under the Agreement, tariffs across the TPP region will be cut, offering new market access opportunities to U.S. poultry and beef producers and exporters. In 2014, the United States exported about $7 billion in poultry and beef to the TPP region.
- Fresh Fruits and Fresh and Processed Vegetables: Under the Agreement, tariffs across the TPP region will be cut, offering new market access opportunities to producers and exporters of U.S. fresh fruits and fresh and processed vegetables. In 2014, the United States exported about $8.1 billion of these products to the TPP region.
Trade is a vital contributor to the U.S. economy. More than 95 percent of the world's potential consumers, representing nearly 80 percent of the world's purchasing power, live outside our borders. To learn how the TPP would benefit your state's food and agricultural economy, visit www.fas.usda.gov/topics/trans-pacific-partnership-tpp.