According to AAFA the TPP will provide opportunities to reduce costs, stay competitive, and enter new markets.
"Benefits of the TPP will materialize more quickly in the case of travel goods (items such as handbags, backpacks, and laptop cases) and footwear, which feature more flexible rules of origin and immediate duty-free treatment for a wide range of products. While there are some immediate opportunities for apparel, most apparel articles are constrained by extremely restrictive rules of origin and long duty phase-outs, meaning benefits will take longer to realize,” it said.
AAFA said a more accelerated and flexible approach for apparel and legwear would have created more immediate benefits and export opportunities for domestic manufacturers.
"We urge the Administration to work with Congress to build support for timely Congressional consideration and approval of TPP, and to ensure that the agreement is implemented in a clear and seamless manner.”
The US apparel, footwear, and accessories industry employs more than four million U.S. workers, and represents more than $360 billion in US retail sales. (SH)
ALCHEMPro News Desk – India
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