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NCTO waits for TPP fine print
06 Oct '15
2 min read
America’s National Council of Textile Organizations (NCTO) has said it is anxious to learn the exact details of the final Tans Pacific Partnership (TPP) agreement. Once it is released to the public, NCTO will undertake a thorough analysis of the text to assess the impact of the agreement on domestic textile manufacturers, it said in a press release.
The 12 nations who finalized the agreement include the US, Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together, these countries represent nearly 40 per cent of global gross domestic product.
“We would like to thank Ambassador Michael Froman and the U.S. government for working closely with NCTO throughout the entire TPP process. Though we are waiting to examine the final details, our briefings at the Atlanta TPP round lead us to believe that US. negotiators were able to achieve a well balanced and reasonable outcome for US textile manufacturers and our partners within the Western Hemisphere,” said NCTO President Augustine Tantillo, who was in Atlanta for the talks. “
In 2014, textile and apparel exports from the current TPP countries to the US totalled $19 billion. Tantillo stated, “Due to the sheer volume of trade covered by this agreement, it was critical that the final terms strongly reflect our input. This included the need for TPP to establish a yarn forward system as the basis for rule of origin determinations and the setting of multi-year tariff phase-outs on sensitive textile and apparel products. Based on our debrief with the US government in Atlanta we believe that, in great part, these key objectives were met.”
The US textile and apparel industry is a significant contributor to the American economy, producing over $70 billion in annual output and employing nearly 500,000 workers nationwide. In addition, the US textile and apparel sector exported nearly $24 billion in goods in 2014.
Headquartered in Washington D.C., the NCTO is the national trade association representing the entire spectrum of the textile sector. (SH)
The 12 nations who finalized the agreement include the US, Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together, these countries represent nearly 40 per cent of global gross domestic product.
“We would like to thank Ambassador Michael Froman and the U.S. government for working closely with NCTO throughout the entire TPP process. Though we are waiting to examine the final details, our briefings at the Atlanta TPP round lead us to believe that US. negotiators were able to achieve a well balanced and reasonable outcome for US textile manufacturers and our partners within the Western Hemisphere,” said NCTO President Augustine Tantillo, who was in Atlanta for the talks. “
In 2014, textile and apparel exports from the current TPP countries to the US totalled $19 billion. Tantillo stated, “Due to the sheer volume of trade covered by this agreement, it was critical that the final terms strongly reflect our input. This included the need for TPP to establish a yarn forward system as the basis for rule of origin determinations and the setting of multi-year tariff phase-outs on sensitive textile and apparel products. Based on our debrief with the US government in Atlanta we believe that, in great part, these key objectives were met.”
The US textile and apparel industry is a significant contributor to the American economy, producing over $70 billion in annual output and employing nearly 500,000 workers nationwide. In addition, the US textile and apparel sector exported nearly $24 billion in goods in 2014.
Headquartered in Washington D.C., the NCTO is the national trade association representing the entire spectrum of the textile sector. (SH)
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