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Dow Chemical Co backs TPP
08
Mar '16
After careful review of the 12-nation Trans-Pacific Partnership (TPP) final text, The Dow Chemical Company strongly supports the TPP agreement and is fully committed to advocating for its ratification, it said in a press release.

“TPP is critically important for Dow, our employees, and our customers,” said Andrew N. Liveris, Dow's Chairman and CEO. “TPP represents nearly 40 percent of the world's GDP. The expanded market access provided by the agreement will allow US manufacturers and the chemical industry to compete in new key markets and increase exports that will promote American economic prosperity.”

Trade supports nearly one in five jobs at Dow USA where more than half of the Company's global manufacturing operations are located.

TPP achievements benefitting Dow include elimination of duties on more than 97 per cent of US chemical sector exports immediately. In particular, substantial tariff reductions into Malaysia and total elimination of chemical tariffs into the Japanese market on day one of the agreement's implementation.

The TPP also reduces unnecessary burdens and streamlines regulatory decision-making to facilitate increased cross-border trade, reduce costs, and provide more certainty for businesses and the public, while maintaining high levels of protection for human health and the environment.

The trade deal upgrades key intellectual property protections and strengthen enforcement mechanisms, especially for trade secrets and patent protection. As an innovative science and technology company, it is critical to protect our intellectual property throughout the world.

It creates single window and advance customs platforms that will facilitate time to market and will provide secure and efficient transit of goods based on modernized filing platforms.

The TPP ensures free flow of data and prevent data localization practices to ensure global value chains can remain competitive, operate efficiently, and support manufacturing in the US, Dow Chemical Company said in the release.

To remain competitive in a rapidly changing global environment, the company has urged the US government to ratify TPP. (SH)

Fibre2Fashion News Desk – India

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