A day after trade issues were discussed on a national stage at the first 2016 Presidential debate, officials from South Dakota Farm Bureau are continuing their support for the Trans-Pacific Partnership (TPP).
“TPP has the potential to have a significant, positive impact on all of U.S. agriculture,” said Scott VanderWal, South Dakota Farm Bureau President. “We need to continue working to show both Presidential candidates the importance of this issue.”
In South Dakota alone, TPP is expected to increase cash receipts and net exports $169.6 million and $93.9 million per year respectively. It is estimated that the increased marketing opportunities for South Dakota’s farmers and ranchers will add more than 700 jobs to the South Dakota economy.
Eliminating tariffs and other trade barriers on South Dakota’s agricultural exports to TPP-partner countries will increase trade for a range of South Dakota agricultural products, including beef, pork, soybeans and processed food products.
“The beef industry for example could increase beef cash receipts in South Dakota by $44.2 million per year,” added VanderWal. “This obviously is a very big deal for South Dakota all the way around.”
The American Farm Bureau Federation indicates congressional passage of the agreement would boost net farm income by $4.4 billion over levels expected if Congress fails to ratify TPP.
“It simply is time,” said Wanda Blair, South Dakota Farm Bureau vice president. “We have waited a long time for a competitive trade package for our ag commodities. TPP will open doors for trade opportunities between the United States and eleven new countries and help shape the future rules governing international trade.”