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'TPP may lead to job losses in US textile sector'
03
Feb '16
The textile and apparel industry in the US might face challenges especially in the area of employment in the short term once the 12-nation Trans-Pacific Partnership (TPP) agreement comes into effect, says a new study authored by Peter Petri at Brandeis University and Michael Plummer of Johns Hopkins University.

There will be some job losses and a bump due to “job churn”, or movements of jobs between sectors and industries. Apparel, footwear, and other labour-intensive manufacturing industries are most likely to see job cuts as a result of the deal, according to the authors of the study.

On the import side, foreign producers have comparative advantage in labour-intensive manufactures and textiles and apparel will be able to increase sales as US barriers are gradually removed in such sectors.

The new study suggests that the TPP will increase annual real incomes in the US by $131 billion, or 0.5 per cent of GDP, and annual exports by $357 billion, or 9.1 percent of exports, over baseline projections by 2030, when the agreement is nearly fully implemented. 

While the US will be the largest beneficiary of the TPP in absolute terms, the agreement will generate substantial gains for Japan, Malaysia, and Vietnam as well, and solid benefits for other members.

The study estimates the effects of the Trans-Pacific Partnership (TPP) using a comprehensive, quantitative trade model, updating results reported in Petri, Plummer, and Zhai with recent data and information from the agreement. (HO)

 

Fibre2Fashion News Desk – India

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