The U.S. International Trade Commission recently released a report assessing the likely impact of the Trans-Pacific Partnership Agreement that President Obama entered into with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
“The overall impact of the TPP Agreement would be small as a percentage of the overall size of the U.S. economy; it would be stronger with respect to countries with which the United States does not already have a free trade agreement in force: Brunei, Japan, Malaysia, New Zealand, and Vietnam,” the report stated.
The National Marine Manufacturers Association believes the agreement would benefit boating and other manufacturing sectors in the following ways:
- Regulatory transparency and measures to ensure cooperation among regulatory bodies to reduce burdensome and duplicative rules
- Streamline customs procedures
- Reduced tariff schedule for recreational craft and marine engines
- Reductions in technical barriers to trade, including addressing conformity assessment procedures and accreditation.