September 25, 2008
The US government has announced it will begin negotiations to join the Trans-Pacific Strategic Economic Partnership, a free trade agreement (FTA) between Chile, New Zealand, Singapore and Brunei.
The National Pork Producers Council (NPPC) lauded the move, with president Bryan Black declaring that it was an important step toward maintaining and expanding US pork exports to the Asia-Pacific region.
"We look forward to the resolution of our market access issues with New Zealand and to the eventual accession of new nations to the agreement," Black said.
NPPC vice-president and international trade counsel, Nick Giordano, said the new trade initiative will lead to the negotiation of a high-standard and comprehensive agreement that can serve as a basis for an Asia-Pacific free trade region.
New and expanded market access through FTA has played a key role in boosting US pork exports. Since the US-Canada FTA was implemented in 1989, US pork exports jumped from only US$394 million to US$3.1 billion in 2007.
In March, the US began talks with the Pacific 4 (P4), countries on investment and financial services as a precursor to possible US membership in the regional FTA.
The FTA between Chile, New Zealand, Singapore and Brunei went into effect in 2006. The agreement includes an accession clause that allows other nations to join in. Many expects the Trans-Pacific arrangement will be the foundation on which an Asia-Pacific free trade region can be built.