FDRA expresses “surprise and disappointment” at New Balance TPP decision
12/04/2016
TPP proposes free trade among Australia, Brunei, Chile, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, Japan and Vietnam. These 12 countries reached agreement on TPP in October 2015 and governments have said they expect ratification in the course of 2016 and 2017.
New Balance, which still makes shoes in the US, initially appeared to support the agreement. Now, according to the Boston Globe, it has withdrawn that support because it hoped backing the government over TPP would open up a path for New Balance to start supplying athletic shoes to US armed forces personnel. Opportunities in that arena have not come New Balance’s way and the company has decided to withdraw its support for the free trade deal, the newspaper said, citing senior managers at the New England-based company.
In response, the Footwear Distributors and Retailers of America (FDRA), a loud backer of TPP, said it found New Balance’s about-face surprising and disappointing. FDRA president, Matt Priest, said in a statement: “TPP will save footwear consumers and companies $450 million in the first year of implementation and $6 billion over the first decade. That is why 99% of the entire footwear industry, both domestic manufacturers and importers, support TPP and why we will continue to lead the charge in explaining to lawmakers how this agreement will strengthen jobs across the US and provide real value to footwear consumers.”
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