WASHINGTON, Aug. 3, 2015 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) today congratulates the hard work of U.S. Trade Representative (USTR) Michael Froman and his team during the latest round of Trans-Pacific Partnership (TPP) negotiations in Maui.
During negotiations, Froman and his team worked tirelessly to secure market access for U.S. companies, create protections around intellectual property, such as trade secrets, and increase the resources for small and medium-sized enterprises (SMEs). With roughly 85 percent of SOCMA members considered SMEs and innovators by trade, passage of the TPP is crucial in helping them compete in the global marketplace.
"We understand the size and complexity of this undertaking, knowing that substance will drive the timeline, and have confidence in our negotiators," said William E. Allmond, SOCMA Vice President for Government and Public Relations. "This deal needs to live up to the expectations of industry, the American public, and meet the objectives laid out by Congress in Trade Promotion Authority. We look forward to seeing the details."
Throughout the negotiations, there has been an extraordinary effort by the USTR and other government agencies. "We appreciate their effort, talking with partners on a near continuous basis to wrap up some of the most critical and contentious issues in the trade talks," Allmond said.
TPP will set a high standard in growing the Asia-Pacific region. For chemicals in 2014, Canada, Japan and Mexico were among our largest trading partners, making up 37 percent of chemical exports.
Since 1921, SOCMA has represented a diverse membership of small, medium and large chemical companies located around the world. Collectively, SOCMA members are key drivers to a successful economy, contributing $24 billion annually to the U.S. GDP. Our members play an indispensable role in the global chemical supply chain by producing intermediates, specialty chemicals and ingredients used to develop a wide range of industrial, commercial and consumer products, essential to the well-being and lives of people everywhere. For more information, visit www.socma.com.
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SOURCE Society of Chemical Manufacturers and Affiliates