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USFIA hopes TPP will benefit fashion industry
06 Oct '15
2 min read
The United States Fashion Industry Association (USFIA), one of the main supporters of the Trans-Pacific Partnership (TPP), has hailed the conclusion of the negotiations that formalized the creation of the world's largest trading bloc.
“The Trans-Pacific Partnership represents an important opportunity for American fashion brands, retailers, importers, and wholesalers, who are already doing significant business in several TPP partner countries,” said Julia K. Hughes, President of USFIA, according to a press release.
“The fashion industry has been eagerly awaiting the completion of this agreement and we look forward to seeing the final text to see how it can benefit our members. We remain hopeful that the TPP will indeed be a high-standard agreement that recognizes the 21st-century global value chain and economic contributions of these companies, which work hard to create high-quality jobs in the United States and affordable, high-quality apparel products for American families,” she concluded.
But the “yarn-forward” rule of origin could be a sticking point in TPP. The 2015 USFIA Fashion Industry Benchmarking Study, which was released in June, showed that USFIA members already source from five TPP partner countries: Vietnam, Peru, Mexico, Malaysia, and the US. Nearly 80 per cent of respondents said they expect the TPP to affect their business practices. However, the level of impact depends on the rules of origin and market access provisions; 83 per cent called for abandoning the strict “yarn-forward” rule of origin, and 45 per cent hoped the TPP short-supply list would be expanded.
“We understand the final agreement contains a yarn-forward rule of origin and limited short-supply list, though we remain hopeful it also will include many opportunities for fashion brands, retailers, importers, and wholesalers to expand their global businesses,” Hughes said.
The USFIA represents the fashion industry including textile.com'>textile and apparel brands, retailers, importers, and wholesalers based in the United States and doing business globally. It now works to eliminate the tariff and non-tariff barriers that impede the industry's ability to trade freely and create economic opportunities in the US and abroad. (SH)
“The Trans-Pacific Partnership represents an important opportunity for American fashion brands, retailers, importers, and wholesalers, who are already doing significant business in several TPP partner countries,” said Julia K. Hughes, President of USFIA, according to a press release.
“The fashion industry has been eagerly awaiting the completion of this agreement and we look forward to seeing the final text to see how it can benefit our members. We remain hopeful that the TPP will indeed be a high-standard agreement that recognizes the 21st-century global value chain and economic contributions of these companies, which work hard to create high-quality jobs in the United States and affordable, high-quality apparel products for American families,” she concluded.
But the “yarn-forward” rule of origin could be a sticking point in TPP. The 2015 USFIA Fashion Industry Benchmarking Study, which was released in June, showed that USFIA members already source from five TPP partner countries: Vietnam, Peru, Mexico, Malaysia, and the US. Nearly 80 per cent of respondents said they expect the TPP to affect their business practices. However, the level of impact depends on the rules of origin and market access provisions; 83 per cent called for abandoning the strict “yarn-forward” rule of origin, and 45 per cent hoped the TPP short-supply list would be expanded.
“We understand the final agreement contains a yarn-forward rule of origin and limited short-supply list, though we remain hopeful it also will include many opportunities for fashion brands, retailers, importers, and wholesalers to expand their global businesses,” Hughes said.
The USFIA represents the fashion industry including textile.com'>textile and apparel brands, retailers, importers, and wholesalers based in the United States and doing business globally. It now works to eliminate the tariff and non-tariff barriers that impede the industry's ability to trade freely and create economic opportunities in the US and abroad. (SH)
Fibre2Fashion News Desk – India
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