05 Oct Trans-Pacific Partnership (TPP) Deal Reached
Trade ministers from the 12 nations negotiating the Trans-Pacific Partnership (TPP) are expected to announce this morning that they have successfully completed the negotiations of this historic deal. For well over five years, the Footwear Distributors and Retailers of America (FDRA) have been working tirelessly on behalf of the footwear industry to ensure that the voice of the industry is heard throughout these negotiations. Focus will now turn to Capitol Hill as it is anticipated that Members of Congress will have an opportunity to consider the proposed agreement sometime in early 2016.
FDRA President Matt Priest commented on the completion of the agreement:
“We are extremely pleased and excited by today’s announcement that the U.S. has reached an agreement on the Trans-Pacific Partnership (TPP). FDRA has worked for years to highlight the need for an agreement that provides significant duty reduction for footwear companies and American consumers. The U.S. footwear industry paid $2.7 billion in duties last year alone — more than $450 million from TPP partner countries. TPP has the potential to provide a once in a generation opportunity for the industry that could strengthen job creation and help drive innovation. We applaud the hard work of the United States Trade Representative (USTR) in negotiating this historic free trade deal, and we look forward to reviewing the agreement as soon as it is made public.”
About the Footwear Distributors and Retailers of America
Founded in 1944 by the footwear industry, the Footwear Distributors and Retailers of America (FDRA) is the largest footwear trade association in the US. It represents and serves the entire width footwear industry from small family owned footwear businesses, U.S. footwear factories, and global footwear companies. It also represents and serves the full supply chain of the footwear industry from research, design and development, to manufacturing and distribution, to retailers selling to consumers all over the globe.