FDRA “extremely disappointed” at TPP withdrawal
24/01/2017
A final proposal for the 12-nation deal was signed on Feburary 4, 2016 in New Zealand but cannot be ratified without the approval of all participating nations. It aimed to strengthen economic ties and boost growth by eliminating trade tariffs between the countries.
In a statement following the decision, the president and CEO of the Footwear Distributors and Retailers of America (FDRA), Matt Priest, said the organisation was “extremely disappointed”.
He described TPP as a “significant lost opportunity for American footwear consumers and businesses”, revealing that the FDRA believes the agreement would have helped US footwear companies and consumers to save more than half a billion dollars a year.
“FDRA will continue to support efforts for US bilateral free trade agreements with these nations, and we stand ready to work with the President on trade agreements that will deliver real value for American footwear consumers and strengthen US footwear companies,” he concluded.
In response to President Trump’s decision, the governments of Australia and New Zealand have announced plans to press ahead with TPP. Australian trade minister Steve Ciobo revealed that he has already held talks with other signatories to discuss a “TPP 12 minus one” deal. This sentiment was echoed by New Zealand Prime Minister Bill English, who met with representatives of several of them at the recent summit of the World Economic Forum.
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