New Orleans, LA – The World Trade Center of New Orleans lauds the conclusion of negotiations by the U.S. and 11 other nations to reach a landmark Pacific trade pact. The Trans-Pacific Partnership (TPP), a potentially game-changing free-trade agreement will link together countries that represent nearly 40 percent of global GDP.

"The TPP agreement is a big win for Louisiana agriculture, paving the way for further growth to promising Asian markets" says the World Trade Center's Board Secretary and Agriculture Committee Chairman Jerry Hingle.

The agreement opens the door to Louisiana rice, cotton, poultry, and soybeans - all important commodities grown in Louisiana. Japan's rice market will finally open as it establishes a new, duty-free quota for U.S. rice. Malaysia and Vietnam will also eliminate tariffs on rice. Import tariffs on cotton and poultry are on track to be eliminated and Louisiana's soybean producers also stand to gain as Japan, Malaysia and Vietnam eliminate tariffs on soybean oil and soybean meal.

Louisiana's agriculture exports annually exceed $2.2 billion supporting thousands of jobs across the state. WTCNO expects strong export growth over the coming years thanks in part to the TPP Agreement.

“The WTCNO believes that the TPP will work in favor of Louisiana’s industries and could spur significant economic growth in the U.S. by enhancing competitiveness and bringing jobs to American shores,” said Dominik Knoll, Chief Executive Officer, World Trade Center of New Orleans. “We urge Louisiana congressional leaders to vote in support of this groundbreaking agreement, as in that way we not only open up new markets, but also establish an equal playing field for U.S. companies.”

The TPP countries are the largest goods and services export market of the United States. U.S. goods exports to TPP countries totaled $726.5 billion in 2014, representing 45 percent of total U.S. goods exports. Louisiana exported $17.6 billion in goods to TPP countries in 2014, accounting for 27 percent of the state’s total exports.

For more information, contact The World Trade Center of New Orleans at (504) 529-1601 or email info@wtcno.org.