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America's NCTO endorses TPP
23
Jan '16
America's National Council of Textile Organizations (NCTO) has voted to formally support the Trans-Pacific Partnership (TPP) free trade agreement.

In an article on its website, the NCTO said the decision to support TPP came after an exhaustive analysis determined that its principle objectives were met as part of the finalized terms of the agreement.

The objectives include a strong yarn forward rule of origin for the vast majority of textile and apparel products, reasonable, multi-year tariff phase-outs for sensitive textile and apparel products and terms that provided for the stability of the Western Hemisphere textile and apparel production chain.

“Due to the inclusion of Vietnam and other major textile and apparel exporting countries, the TPP agreement is the most significant trade policy initiative to confront the US textile sector over the past 25 years,” said Jeff Price, NCTO Chairman and President of the Specialty Fabrics Division at Milliken and Company. “As such, it was critical for our government to produce a final agreement that appropriately reflected the needs of US textile manufacturers and the hundreds of thousands of workers we employ nationwide. We believe that the agreement concluded late last year in Atlanta meets our core objectives and is worthy of our full support.”

“With legislative review and action expected in 2016, NCTO looks forward to working with congressional leadership, the committees of jurisdiction, our supporters on Capitol Hill, and the Obama Administration on a path forward for TPP,” he added.

The US textile and apparel industry is a significant contributor to the country's economy, producing over $70 billion in annual output and employing nearly 500,000 workers nationwide. In addition, the US textile and apparel sector exported more than $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 in the US. (SH)

Fibre2Fashion News Desk - India

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