The letter, which 26 state soybean associations and various other food and farm groups attached their names to, outlines that approximately 20 per cent of U.S. farm income results from exports, that according to the American Farm Bureau, TPP can boost net farm income in by $4.4 billion and that every $1 billion of American agricultural exports supports more than 7,000 jobs.
Moreover, the potential economic impact of delaying TPP could be significant.
The letter cites the Peterson Institute for International Economics, which estimates that delaying TPP by a year could result in a “$94 billion permanent loss, or opportunity cost, to the U.S. economy.”
ASA stressed the importance of TPP in establishing the United States as a leading agricultural voice and an attractive trade partner.
“If we do not lead, we will simply fall behind as our competitors aggressively work to establish alternative trade agreements that place their agricultural interests at an advantage,” ASA wrote.