U.S. Trade Representative Ron Kirk today notified Congress that the United States will enter negotiations for the Trans-Pacific Partnership (TPP) Agreement, a new trade accord with a number of Asia-Pacific economies that could greatly benefit American workers, farmers, and companies. The U.S. Chamber has applauded the initiative, which has the goal of reaching a high-standard, broad-based regional pact. As Chamber President Tom Donohue commented:

"The business community is pleased that the administration has decided to move ahead with this important trade initiative. This agreement could bring substantial opportunities for American companies operating in the world’s most dynamic region. We are signaling that the U.S. wants to engage Asia rather than sit on the sidelines. The U.S. goal in the negotiations should be to pursue an ambitious market-opening agreement with strong rules to protect intellectual property, open services markets, and promote regulatory transparency in the region."

Even though U.S. exports to Asia continue to rise, the United States is gradually losing market share. Asian countries have negotiated more than 160 trade agreements among themselves, while the United States has signed only two with regional countries (Singapore and Australia). A third agreement, with Korea, awaits congressional approval.

Implementing the agreement with Korea, and negotiating a good deal with the TPP nations, will help create American jobs and strengthen our alliances in the Asia-Pacific region. The Chamber applauds this move and stands ready to help.