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US sets ball rolling for withdrawal from TPP
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

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