San Jose – Feb. 4, 2016 – The Silicon Valley Leadership Group, which has nearly 400 innovation economy member companies, unanimously voted today to support the Trans-Pacific Partnership (TPP). The organization urged Congress to approve the agreement to help spur the economy and job growth, while fostering closer partnerships among the 12-member countries that represent nearly 40 percent of the world’s GDP.
“The Silicon Valley Leadership Group today unanimously voiced support for President Obama’s 7-year effort to develop and ratify the Trans-Pacific Partnership, which will directly benefit employers throughout the U.S. as they compete around the globe,” said Carl Guardino, CEO of the nearly 400-member Silicon Valley Leadership Group. “The President’s efforts reduce or eliminate 18,000 taxes and trade barriers on American employers while ensuring the strongest and most enforceable labor and environmental provisions of any of our country’s trade agreements. The TPP unites 12 Asia-Pacific countries, 40 percent of global GDP, which is an unprecedented benefit for American jobs, workers and employers.”
The Trans-Pacific Partnership is a trade agreement among 12 countries located in the Pacific region (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the U.S.). The pact is aimed at reducing trade barriers, slashing tariffs, and fostering closer economic partnership among member countries.
Among the reasons the Leadership Group supports the TPP:
Exporting goods and services is essential to our economic and job growth here in the U.S.
The 12- member countries of the TPP account for nearly 40 percent of the world’s Gross Domestic Product. It is also important to note that 95 percent of global consumers live outside the U.S.
The TPP eliminates more than 18,000 taxes and trade barriers on American products and services across the other eleven member countries.
Many industries benefit
There are many industries benefit from reduced taxes and tariffs. These include telecommunications, e-commerce, financial services, government procurement, and manufacturing.
Cybersecurity is a global threat; the TPP provides a framework for increased collaboration among member companies in addressing this challenge.
About the Silicon Valley Leadership Group
The Silicon Valley Leadership Group, founded in 1978 by David Packard of Hewlett-Packard, represents nearly 400 of Silicon Valley’s most respected employers on issues, programs and campaigns that affect the economic health and quality of life in Silicon Valley, including energy, transportation, education, housing, health care, tax policies, economic vitality and the environment. Leadership Group members collectively provide nearly one of every three private sector jobs in Silicon Valley and have more than $6 trillion in annual revenue. For more information, visit svlg.org or call (408) 501-7864.