At least that is how TPP is being sold both in Nebraska and nationally.
Though the TPP agreement covers a broad range of trade, agriculture stands to benefit as much as any sector of the U.S. economy.
State Agriculture Director Greg Ibach expects Nebraska agriculture to benefit greatly if the Trans-Pacific Partnership agreement is ratified. Ibach says the recent trade mission to Japan brought that message home.
“All the importers that we met with were very optimistic that TPP would bring new opportunities to them and make Nebraska and U.S. beef and pork more competitive in the Japanese marketplace,” Ibach tells Nebraska Radio Network affiliate KLIN.
Ibach went to Japan with Lt. Governor Mike Foley and several Nebraska agricultural leaders. TPP came up often.
The United States and 11 other countries entered into agreement with TPP. Under its provisions, tariffs should come down, which would make Nebraska agricultural goods cheaper in those other countries.
Secretary of Agriculture Tom Vilsack says nearly every aspect of American agriculture should benefit from expanded trade under the agreement.
“Beef, pork, poultry, dairy, horticulture, rice, grains, soybeans, wheat, cotton,” according to Vilsack.
And while that list is long, most trade officials believe the segments of agriculture which will benefit the most will be beef and pork.
“This is the largest multi-lateral trade agreement of its kind,” Vilsack says. “The 12 countries that are part of this trade agreement represent 40 percent of the world’s economy. And are involved with over 40 percent of American agricultural export activity to date.”
Vilsack expects the final copy of the agreement to available in 30 days.
Nebraska exported $8 billion in goods last year. Approximately 60% of those goods flowed to the countries in the TPP agreement.
AUDIO: Brent Martin reports [:50]