Maine exporters and importers will benefit from a Trans-Pacific Trade Partnership and Japan's recent inclusion in the pact, Michael Froman, U.S. trade representative, said during a visit to a New Balance factory in Norridgewock.
“Japan’s entry into TPP, in particular, gives New Balance a real opportunity to penetrate an attractive market,” Froman said during the visit. “At the same time, we know that changes to footwear tariffs will reduce New Balance’s expenses as well as affect the price of its goods and those of its competitors."
Malaysia and Japan are Maine's second and third largest export markets, and according to Froman, Maine exports are growing three-times as fast as the U.S. economy.
Additional member countries to the TPP, which continues its 19th round of negotiations Aug. 22, are Australia, Brunei Darussalam, Canada, Chile, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam. - Jon Ross