ROSSLYN Va.―NEMA applauds the successful conclusion announced [today] of negotiations on the Trans-Pacific Partnership (TPP) trade agreement between the U.S. and eleven other countries. The announcement by U.S. Trade Representative Michael Froman of a comprehensive TPP deal augurs future opportunities for U.S. electrical and medical imaging manufacturers to compete for business in the Asia-Pacific region.
"On behalf of NEMA's member companies, I commend and congratulate Ambassador Froman and his entire team on bringing the TPP negotiations to a successful conclusion," said NEMA President and CEO Kevin J. Cosgriff. "We look forward to reviewing the text of the agreement with our member companies and assessing the prospects for market access gains once it is implemented."
The TPP countries are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the U.S., and Vietnam. While the U.S. has bilateral free trade agreements in place with Australia, Canada, Chile, Mexico, Peru and Singapore, the TPP agreement is expected to include additional ground-breaking commitments for all participating countries in areas including regulatory cooperation, technical barriers to trade, and competition from state-owned enterprises.
The National Electrical Manufacturers Association (NEMA) represents nearly 350 electrical equipment and medical imaging manufacturers at the forefront of electrical safety, reliability, and resilience, as well as efficiency and energy security. Our combined industries account for 360,000 American jobs in more than 7,000 facilities covering every state. Our industry produces $106 billion shipments of electrical equipment and medical imaging technologies per year with $36 billion exports.