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WASHINGTON (May 18, 2016)—The U.S. International Trade Commission (ITC) today published the results of its U.S economic assessment of the Trans-Pacific Partnership (TPP). American Chemistry Council (ACC) President and CEO Cal Dooley issued the following statement:

“The ITC report all but confirms what many of the world’s best economists have forecasted since the beginning – that TPP would be a boon to America’s economy, and chemical manufacturers would help lead the way.

“The chemical sector is already one of America’s top exporting industries, with exports surpassing $190 billion in 2014. U.S. chemical exports to the TPP region alone grew by 44 percent between 2009 and 2014. We estimate that a TPP agreement could generate an additional $1.2 billion in export growth for our sector, in part by giving U.S. plastics producers greater market access within the Pacific region.

“The ITC report demonstrates the Commission’s confidence in the role TPP can play in boosting the competitiveness of U.S. chemical manufacturers in the fastest developing region of the world. As the ITC notes, TPP would help eliminate costly barriers to trade, including chemical tariffs as high as 25 percent. The agreement would also help resolve 21st-century trade issues, like costly regulatory inefficiencies, which have unnecessarily impeded economic and job growth.

“With this report, we hope the President and Congress will respond with new resolve to pass this economically meaningful trade agreement before the end of the year.”

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