New Markets, New Customers
At FedEx we see the results of choke points in global trade every day – when protectionist policies create bottlenecks of red tape that end up strangling cross- border trade. Whether you order a product as a consumer or run a business, the experience of trading internationally runs headlong into cumbersome and outdated rules and regulations.
It’s a complex problem with a specific set of solutions.
First, nations need to unleash the full potential of the internet to create new trade. Time has long past to harmonize procedures for customs regulations and to allow online filing of electronic documents. The US-led Trans-Pacific Partnership trade agreement now in negotiation with Pacific Rim countries is an innovative opportunity to reduce trade barriers and help facilitate efficient ecommerce trade.
Global trade continues to be dynamic, pushing new markets into focus. ASEAN, the ten countries in the Association of Southeast Asian Nations, represents over 600 million consumers, and has now become the fourth largest importer of American goods and services in the world. Several members – Singapore, Malaysia, Vietnam and Brunei – also participate in the TPP negotiations to reduce barriers to the open flow of goods and services.
Singapore has one of the most efficient customs clearance procedures in Asia with trade data digitized and linked between networks. “Government regulations in many parts of the world have not caught up with the times and technology,” says Singapore Ambassador Ashok Kumar Mirpuri. “For example, when it comes to customs clearance, even seconds matter. What TPP does is bring the reality of present day to cross-border trade.”
The economies of Southeast Asia bring a unique perspective to the strength and future of the world economy. ASEAN is the second fastest growing economy in the world, after China. The GDP of ASEAN nations has grown over 300% since 2001 – five times that of the U.S. in the same period.
Completing the TPP will allow the U.S. to keep pace with our fast-moving trading partners like ASEAN , and will help increase the ability of American companies to sell their goods and services to these and other rapidly growing economies
Let’s get TPP and Trade Promotion Authority done quickly so that we can accelerate US economic growth and create the jobs of the future.