CHICAGO, Nov. 11, 2015—Archer Daniels Midland Company (NYSE: ADM) this week urged Congress to approve the Trans-Pacific Partnership (TPP), an agreement that would lower trade barriers among a dozen Pacific Rim nations, including the United States.“The TPP will help reduce barriers to trade and open new markets, benefiting American farmers and ranchers, the U.S. economy and ADM,” said ADM CEO Juan Luciano. “In 2014, American farmers and ranchers and the ag industry sold more than $152 billion in agricultural products to other nations. With lowered trade barriers, that number will only grow, supporting more American jobs and strengthening our rural communities. Our farmers are feeding the world, and the TPP will give them the opportunity to sell even more of their products around the globe.”
The TPP will help to encourage trade and support American exports through a wide variety of measures, particularly the reduction of import taxes on American-made products—including agricultural products—in participating countries. The agreement also includes measures to reduce trade barriers for small businesses, and promotes new technologies to help American businesses sell their products overseas.
Representatives from a dozen countries—including the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam—signed the agreement in October. It must now be formally ratified by all 12 nations, which in the United States requires majority support in both the U.S. House and Senate.
“We appreciate U.S. Trade Representative Froman and the U.S. negotiating team’s efforts to support American agriculture and industry,” Luciano continued. “We hope the House and Senate act to support American agriculture and the American economy by ratifying the TTP.”
Archer Daniels Midland Company