BLOG: Trade agreement good news for Calif.

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Published on 01/30/2012 - 12:17 pm

Written by Gordon Webster, Jr.

On November of last year, the leaders of the nine Trans-Pacific Partnership (TPP) countries — Australia, Brunei, Darusalam, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam and the U.S. — announced the achievement of the broad outlines of an ambitious 21st century TPP agreement that will enhance trade and investment among all the TPP partner countries, promote innovation economic growth and development and support the creation and retention of jobs.

Our current administration along with the eight other TPP leaders agreed to seek finalization in an agreement this year. Canada, Mexico and Japan have also stated their intent to joining the TPP negotiations. The impact on the California economy would be huge. California is one the 10 largest economies in the world with a gross state product of approximately $1.9 trillion!

International-related commerce accounts for a bout 1/4 of the state's economy. The Asia-Pacific region is a key driver of global economic growth representing nearly 60 percent of the global GDP and 50 percent of international trade. Because of California’s location covering the majority of the West Coast, the state has much to gain with the TPP agreement. In 2010, California exported almost $12 billion to these select countries, roughly 14 percent of US exports.

The TPP trade agreement will bring real benefit for our state workers and businesses and help maintain our countries leadership position in an increasingly competitive global environment.