On February 3, the U.S. and the 11 other parties signed the Trans-Pacific Partnership (TPP) Free Trade Agreement at a ceremony in Auckland, New Zealand. According to the requirements under Trade Promotion Authority (TPA), the signing sets deadlines for when the Administration has to articulate how it intends to implement the agreement and for when the U.S. International Trade Commission (USITC) needs to complete work on a report assessing the likely economic impact of the agreement. Once these deadlines are met, the Administration can send the agreement to Congress for consideration. Per the terms of the TPP agreement itself, the signing also opens up a two-year window regarding implementation. During that two-year period, the agreement can only enter into force if all 12 countries are ready for the agreement to commence. After that two-year period, the agreement can start once the United States, Japan, and four other countries are ready for the agreement to begin. Once implemented, the FASA/Gemini-supported agreement will allow U.S. imports of fashion accessories from Vietnam and the 10 other TPP-member countries to enter duty-free access under flexible rules of origin.
Trans-Pacific Partnership
January 7, 2016 – Gemini Shippers Group today announced its support for the ratification for the Trans-Pacific Partnership (TPP) Free Trade Agreement.
The TPP agreement, if ratified, represents the most significant trade agreement proposed since NAFTA came into effect in 1994. The agreement brings together 12 countries with strong trading ties to the U.S. market. Combined, the Trans-Pacific Partnership (TPP) countries of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam represent 40% of global economic output and 800 million consumers. The TPP will create the world’s largest free trade zone representing 28.5 trillion dollars in combined GDP.
TPP is a comprehensive agreement which gives American businesses and consumers the benefit of a trade agreement crafted for the 21st century.
“Our members, who import fashion accessories and a variety of other products, will benefit from the agreement’s flexible rules of origin and immediate duty-free access,” stated Sara Mayes, Gemini’s President / CEO. “These provisions recognize the multi-country nature of modern companies’ global supply chains.”
The TPP agreement also addresses strong protection of American intellectual property (IP). Robust IP protection and enforcement provisions play a vital role for our members, and the U.S. economy, by driving economic growth, jobs, and competitiveness while protecting American innovation. The agreement will also facilitate improved trading conditions by enacting reforms to customs and border procedures, making them more efficient for our members. And finally, the TPP agreement also benefits our members by improving U.S. companies’ access to the Asia-Pacific region. The removal of trade barriers to U.S. exports, as well as the streamlining of non-tariff and regulatory barriers, will reverse the declining market share that U.S. goods represent in this fast growing market.
“The Trans-Pacific Partnership (TPP) Free Trade Agreement is a significant agreement,” concluded Mayes. “The TPP will benefit our members, their customers, and the entire U.S. economy. Gemini Shippers Group urges Congress to review and approve this critical agreement as soon as possible.”
Gemini Shippers Group, one of the largest shippers associations in the United States, has been serving its members for nearly 100 years. The group includes Gemini Shippers Association and the Fashion Accessories Shippers Association (FASA). Gemini offers member companies access to competitive global ocean freight contracts, long term rates and space allocations by signing global contracts with a wide variety of top tier ocean carriers. For more information on Gemini Shippers Group please contact us at:info@geminishippers.com or (212) 947-3424 or visit our website at www.geminishippers.com.
