WASHINGTON – In 2013, U.S. trade with the 11 other countries participating in the U.S. Trans-Pacific Partnership (TPP) negotiations supported more than 72,000 jobs in West Virginia, according to economic data from Business Roundtable.
“As the United States and 11 other countries seek to conclude the Trans-Pacific Partnership trade agreement, it is critical to understand the TPP’s importance for economic growth and jobs in all 50 states,” said Tom Linebarger, Chairman and Chief Executive Officer of Cummins Inc., and Chair of the Business Roundtable International Engagement Committee. “This agreement holds significant potential to create new opportunities for West Virginia exporters to sell their goods and services abroad.”
The Business Roundtable West Virginia state fact sheet details the benefits of trade and investment with the 11 other TPP countries, including:
• Thirty percent of West Virginia goods exported globally went to the TPP countries in 2013.
• West Virginia exported $2.3 billion worth of goods and $353 million worth of services to the six TPP countries that are existing U.S. free trade agreement (FTA) partners – Australia, Canada, Chile, Mexico, Peru and Singapore – in 2013, accounting for roughly 27 percent of West Virginia’s goods exports and roughly 22 percent of its services exports globally.
• The TPP will open new markets for West Virginia with five TPP countries that are not current U.S. FTA partners – Brunei, Japan, Malaysia, New Zealand and Vietnam. West Virginia exported $329 million in goods and $124 million in services in 2013 to these “new FTA” TPP countries.
To learn more about the many benefits of trade and U.S. trade agreements to West Virginia and other states, visit the Business Roundtable website at www.brt.org/trade.