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

New US alliance to promote postal package delivery service

Textiles | On 15th Aug 2018

New US alliance to promote postal package delivery service

A group of US retailing, e-commerce and logistics firms recently...

Courtesy: Industriall Union

Apparel/Garments | On 15th Aug 2018

IndustriALL-Esprit agreement to improve workers' rights

IndustriALL Global Union recently signed a global framework agreement ...

Indian minister orders fresh consultations on e-com policy

Textiles | On 15th Aug 2018

Indian minister orders fresh consultations on e-com policy

Indian commerce and industry minister Suresh Prabhu has asked for...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Ravi Raj Desai

Himalaya Cotton Yarn Ltd manufactures high quality denier. The spinning...

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

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

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


August 2018

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

news category


Related Categories:

Advanced Search