ILMA Compoundings August 2016 - 6

FROM THE CEO

that TPP countries meet standards in the International Labor
Organization's "Declaration on Fundamental Principles and
Rights at Work." These requirements would help level the
playing field for U.S. manufacturers when competing abroad
with countries without regulation.
As far as comparisons to NAFTA go, TPP proponents dispute
the unions' job loss claims, saying that within the first five
years of NAFTA implementation, more than 700,000 jobs
were created in the United States as a result of the open trade
policies with our neighboring countries. On the economic
front, CRS reported that the net overall effect of NAFTA on
the U.S. economy has been modest, given that trade with
Canada and Mexico is a small percentage of GDP.
Looking at TPP on its own, the CRS reviewed economic
benefits of the agreement. CRS notes that the United States
already has trade promotion agreements with six of the
countries involved with the TPP. However, CRS points to the
involvement of Japan as having the most significant economic
effect on the United States. Japan is the largest economy
and trading partner without an existing trade promotion

agreement with the United States. According to CRS, in 2014,
Japan was the United States' fourth-largest goods export and
import market, with exports totaling $67 billion and imports
totally $134 billion. Because of the high income levels in Japan,
the country's participation in TPP is very attractive for U.S.
manufacturers and other companies.

What's the Status of TPP?
With all of the political posturing and with the current mood
of the voters on the issue of trade, congressional action is
highly unlikely prior to the November elections. From time to
time, Congress will tackle controversial issues during a lameduck session late in the year, the period of time between the
November election and Christmas. For now, manufacturers
should not count on action any time soon on this highly
controversial issue.

Alfano is CEO of the Independent Lubricant Manufacturers
Association (ILMA). She may be reached at 703-684-5574 or
halfano@ilma.org.

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Vol. 66 No. 8 * 6 * August 2016 Compoundings

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ILMA Compoundings August 2016

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