An American Farm Bureau Federation (AFBF) economic analysis reports that the Trans-Pacific Partnership (TPP) will boost farm income by $4.4 billion in the United States after it removes barriers for agricultural exports to 11 Pacific Rim countries.
“TPP will mean a boatload of expanded exports and increased demand for America’s agricultural products,” AFBF President Zippy Duvall said. “Clearly, America’s farmers and ranchers have much to gain from approval of TPP and we support its ratification. American agriculture is a growth industry, and to continue that trend, we must expand our market opportunities.”
While Duvall and the AFBF support the approval of TPP, the federation also understands there are some downsides to the current TPP agreement.
“While our farmers and ranchers have a lot to gain with passage, the consequences of not approving the deal would be harmful,” Duvall said. “Every day we delay means lost markets as other TPP countries implement the deal’s advantages with each other. We are already arriving at the party late because, right now, expanded trade due to TPP is going on across the Pacific Rim – just without us.”
Overall, AFBF predicts corn, soybeans, wheat and rice will rise in price but cotton prices will not change.
Negotiators of the 12 TPP countries have approved the agreements and the U.S International Trade Commission will prepare an analysis that will include asking Congress to ratify the TPP.
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