The US Airforwarders Association (AFA) and Boeing have welcomed the conclusion of the Transpacific Partnership negotiations.
Yesterday, the US, Japan and 10 other Pacific rim nations reached an agreement on what is set to become the world’s largest regional trade agreement.
However, the agreement, described as a first step, now needs to be approved by the US Senate with its implementation far from certain.
The AFA said the agreement will lower tariffs and updated customs border clearance to ensure a level playing field for competition and also improve the flow of goods through the supply chain.
AFA board president and chief executive of Hassett Express Michelle Halkerston said: “Lowering tariffs and streamlining customs border clearance operations are music to our ears as this will spur increased trade both to and from the United States.
"As freight forwarders, we recognize that liberalized trade agreements are critical to business both large and small that seek to expand their markets."
Boeing president and chief executive Dennis Muilenburg said: “I thank the US Trade Representative and fellow trade negotiators for their commitment to finalising this agreement.
“US companies need to be able to compete and win in global markets to support well-paying jobs at home. It's critical we provide our manufacturers and exporters with the best tools to compete on a level-playing field in markets worldwide.”
It is estimated that the agreement will cover approximately 40% of the global marketplace.
Opponents argue the deal will have a negative effect on US jobs and companies by making foreign goods less expensive.
Other nations included in the deal are Mexico, Canada, Chile, Peru, Singapore, Australia, New Zealand, Malaysia, Brunei, Vietnam.
