Home / Knowledge / News / Textiles / US sets ball rolling for withdrawal from TPP
US sets ball rolling for withdrawal from TPP
24
Jan '17
President Donald Trump; Courtesy: White House
President Donald Trump; Courtesy: White House
President Donald Trump has set the ball rolling for withdrawal of the US from the 12-nation Trans-Pacific Partnership (TPP) by signing a memorandum for the US trade representative (USTR). The memorandum directs USTR to withdraw the US as a signatory to the TPP, to permanently withdraw the US from TPP negotiations, and to begin pursuing bilateral trade deals.

“It is the policy of my Administration to represent the American people and their financial well-being in all negotations, particularly the American worker, and to create fair and economically beneficial trade deals that serve their interests. Additionally, in order to ensure these outcomes, it is the intention of my Administration to deal directly with individual countries on a one-on-one (or bilateral) basis in negotiating future trade deals,” President Trump said.

He directed the USTR to begin pursuing, wherever possible, bilateral trade negotiations to promote American industry, protect American workers, and raise American wages. “Trade with other nations is, and always will be, of paramount importance to my Administration and to me, as President of the United States,” he added.

USTR will now provide written notification to the Parties and to the Depository of the TPP, as appropriate, that the US withdraws as a signatory of the TPP and withdraws from the TPP negotiating process.

“The US withdrawal from the TPP policy will have a positive effect on the Indian business, especially textiles as TPP trade deal followed the rule of ‘yarn forward’,” Kripabar Baruah, deputy director of The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) had told Fibre2Fashion earlier in anticipation of the US withdrawal.

Echoing him, Raja M Shanmugham, president of Tirupur Exporters’ Association (TEA), had said, “If the TPP policy is scrapped, it will be a boon for the Indian textile market.” (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Aditya Birla

Textiles | On 20th Jun 2018

'Growth of VSF yarn industry is difficult'

Growth for the viscose filament yarn (VSF) yarn industry is...

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Apparel/Garments | On 20th Jun 2018

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Italian company Eurojersey Spa will present in 2019 new embossing...

Certification for Philippine garment firms availing GSP

Textiles | On 20th Jun 2018

Certification for Philippine garment firms availing GSP

The Philippines has adopted rules on securing certificate of...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search