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What TPP Means to Arkansas

The Trans Pacific Partnership (TPP) is a current hot topic of discussion. On July 16th, Boon Tan, Senior Director of Global Trade Strategy at the World Trade Center Arkansas, was interviewed by Jacqueline Froelich, Senior News Producer at KUAF 93.1 NPR, about TPP and its impacts within Arkansas. The Trans-Pacific Partnership is a free trade agreement that is currently under negotiation between the United States and 11 other countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam). TPP addresses unnecessary barriers to trade, increases transparency and certainty for businesses, and improves intellectual property protection. The passage of TPP would support economic growth and jobs tremendously in Arkansas. As of 2014, Arkansas exports totaled $6.9 billion with 42% of all exports (or $3.1 billion) going to TPP markets. With the introduction of TPP, tariffs (some as high as 35%) would be significantly reduced or altogether eliminated; thus, increasing Arkansas exports and job growth in Arkansas.