Financial, Consulting, Entertainment Biz to Benefit on Trade Deal
The Trans-Pacific Partnership trade deal would benefit numerous U.S. businesses, according to one expert. 'The TPP treaty will give U.S. businesses better opportunities to export U.S. goods, services and investment capital into the eleven countries that are our TPP partners,' explained Matt Gold, an adjunct professor at Fordham Law School in New York. Gold, who also served as a Deputy Assistant U.S. Trade Representative, explained which industries stand to gain under TPP. 'The businesses that produce goods or services with respect to which we're competitive in the global economy,' he stated. 'For example, the United States dominates the world in legal services, financial services, the insurance industry, business consulting services, also in entertainment, movies, television, music.' On balance, Gold said trade agreements typically create a much larger number of jobs than the number of jobs lost. But some industries, in which the U.S. is less competitive, may experience job losses. According to analysis from the Peterson Institute, the TPP will lead to an additional $123.5-billion a year in U.S. exports by 2025. The TPP is one of the biggest trade agreements ever negotiated, with the participating countries representing 40% of the global economy. Specifics about the long debated, 6,000 page treaty were released by the Obama Administration this week. The treaty still must be approved by Congress, which is divided on the issue.
