“Trade Promotion Authority is foundational to opening up new free trade opportunities around the world, and I am pleased to see it is one step closer to implementation. As a net exporting state, Iowa stands to directly benefit from increasing our state’s agricultural exports and reducing trade barriers for our manufacturers. TPA is key to strengthening the role of Congress in trade negotiations, fostering greater transparency so that Iowans are better informed about U.S. trade agreements, and encouraging our negotiating partners to put their best deals forward to ensure that the U.S. gets the best deals possible.
“President Obama must now work with Congress to continue moving forward on a robust trade agenda. Opening up more free trade opportunities around the world is vital to Iowa’s future and the health of our national economy. I urge the President to put this trade legislation into action as soon as possible.”
Senator Ernst also emphasized the importance of TPA at a press conference last month.
BENEFITS OF TRADE FOR IOWA
Last month, more than 70 State of Iowa leaders and job creators sent a letter to the Iowa congressional delegation to underscore the importance of international trade to Iowa’s businesses, workers, and farmers. According to the letter:
In 2014, Iowa exported a record-setting $15.1 billion in manufactured goods and value-added agricultural products.
Nearly 83% of these exports were from small or medium-sized businesses.
Iowa farmers exported $3.58 billion in soybeans, $1.99 billion in pork, $1.71 billion in corn, and $1.04 billion in feed grain.
In addition, according to the Business Roundtable:
Over 448,000 jobs in Iowa – nearly one in every five jobs – depend on international trade.
There are 3,367 Iowa-based companies that exported to nearly 190 countries in 2013.
Our negotiating partners in the TPP and T-TIP agreements purchased $11.3 billion (64%) of Iowa goods exported in 2013. The elimination of tariffs and other trade barriers with those countries would therefore likely result in a direct benefit to Iowa’s economy.
