In 2011, trade – exports and imports – with the 11 other countries participating in the U.S. Trans-Pacific Partnership (TPP) negotiations supported an estimated 68,000 jobs in West Virginia, according to recent economic data released by the Business Roundtable. In addition to the United States, the TPP countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The data provide analysis on how expanding economic ties with these countries will help to support West Virginia’s economic growth and jobs.
“The 11 other TPP countries represent critical markets for U.S. goods and services exports, accounting for a combined population of 482 million people and representing roughly 15 percent of global trade,” said Business Roundtable President John Engler. “The TPP holds significant potential to create new opportunities for West Virginia, all 50 states, and the overall U.S. economy to benefit from increased commercial engagement with these countries.”
Business Roundtable’s West Virginia state fact sheet details the benefits of trade and investment with these countries, including:
- Twenty-six percent of West Virginia goods exports went to TPP countries in 2012.
- West Virginia exported about $2.2 billion worth of goods to the six TPP countries that are current bilateral U.S. free trade agreement (FTA) partners – Australia, Canada, Chile, Mexico, Peru and Singapore – in 2012, accounting for roughly 19 percent of West Virginia’s goods exports globally.
- West Virginia exported about $324 million worth of services to the six current U.S. FTA partner countries in 2011 – accounting for roughly 20 percent of West Virginia’s services exports globally.
- The TPP will open new markets for West Virginia with five countries that are not current U.S. FTA partners – Brunei, Japan, Malaysia, New Zealand and Vietnam. West Virginia exported $788 million in goods in 2012 and $143 million in services in 2011 to these “new FTA” TPP countries.
Learn more about how trade and investment with the TPP countries supports growth and jobs in West Virginia.
To educate on the many benefits of trade to West Virginia and the importance of passing Trade Promotion Authority legislation to advance U.S. trade agreements such as the TPP and support U.S. growth and jobs, the Roundtable and other business associations have launched the Trade Benefits America Coalition. For more information, visit the Roundtable’s website at www.brt.org/trade or the coalition’s website at www.tradebenefitsamerica.org.
