In a letter sent to members of the Indiana Congressional Delegation today, Governor Mike Pence urged them to support Trade Promotion Authority (TPA) legislation, as well as the Trans-Pacific Partnership (TPP) and the Trans-Atlantic Trade and Investment Partnership (TTIP). TPA legislation is expected to be introduced and considered in Congress later this year, clearing a path forward for future consideration of TPP and TTIP. “As you know, my administration has made job growth job number one. We passed the largest state tax cut in Indiana history, lowered the corporate income tax, reduced the regulatory burden, and have taken numerous other measures to improve the business environment and the education and workforce skills of Hoosiers,” Governor Pence wrote. “Those are things we can do at home, but reducing tariffs and other trade barriers so that Indiana businesses can enjoy increased market access and fairly compete on the world stage is something that Congress must do. I encourage your support for Trade Promotion Authority, the Trans-Pacific Partnership, the Trans-Atlantic Trade and Investment Partnership and any other trade-related measures when they are brought before the Congress for consideration.”
Japan is Indiana’s largest Asian trading partner, with the Hoosier state exporting $1.6 billion in goods to Japan in 2014. Exports to Germany, Indiana’s largest European partner, were similarly valued at $1.6 billion in 2014. According to the Department of Commerce, total Indiana goods exports around the world were a record $35.5 billion in 2014, with $20.1 billion of that amount being exported to TPP countries and $8.2 billion to TTIP nations. According to the Business Roundtable, from 2004-2013 employment related to trade grew nearly ten times as fast as total employment in Indiana. The Department of Commerce reports that jobs in export related industries pay approximately 18 percent more than jobs in non-export related industries.
