Texas would benefit from new free trade agreement
Vance Ginn:
Texas is a state that is not afraid of competing for business. Even those who are not as competitive could also benefit such as California. Much of the opposition to the treaty comes from the blue states that are already losing industry to more aggressive states like Texas.
There is more....In addition to the U.S., the TPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Lower trade barriers among these 11 TPP countries, with 480 million people representing 15% of global trade, would further boost prosperity in the U.S.
It's important to consider the economic gains to U.S. states from free trade.
For example, research finds that the 1994 North American Free Trade Agreement (Nafta) contributed to Texas' becoming more resilient to both oil-price fluctuations and economic volatility compared to the rest of the nation as the Lone Star State's economy diversified to meet increased opportunities to export to Mexico and Canada.
Nafta and pro-growth policies helped Texas lead the nation in exports for the last 13 consecutive years, supporting millions of jobs in firms both small and large.
Among the top 25 countries exporting from Texas, the Census Bureau notes that Mexico, Canada, Singapore, Japan, Chile, Peru and Australia (in order of magnitude) are TPP nations.
Texas' exports to these seven countries add up to $154 billion, or 53.3% of the state's $289 billion total exports in 2014. This total is a remarkable 17.8% of all U.S. exports, from a state that represents less than 10% of the nation's total economic output.
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Texas is a state that is not afraid of competing for business. Even those who are not as competitive could also benefit such as California. Much of the opposition to the treaty comes from the blue states that are already losing industry to more aggressive states like Texas.
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