On 18 May 2016, the United States International Trade Commission (the “ITC”), an independent Federal agency, released its highly-anticipated report assessing the likely impact of the TPP on the U.S. economy. The ITC projects that by 2032, U.S. annual real income would be $57.3 billion higher and real GDP would be $42.7 billion higher as a result of the passing of the TPP. The report also projects that several sectors, including agriculture and food, would see net positive gains. It is also expected that the TPP would help establish trade-related disciplines that strengthen and harmonize regulations and decrease trade costs for firms that trade and invest in the TPP region.
Please click here to review the report.