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A few months ago I wrote about the impact that the Trans Pacific Partnership (TPP) could have on the global apparel industry if it were to pass.
Proponents of the TPP argue it will create more open markets by lowering trade barriers for all countries involved — the U.S., Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam — thus reducing costs for manufacturers, which should ultimately trickle down to consumers.
Opponents argue it gives companies that outsource manufacturing to foreign countries a competitive advantage, while moving more manufacturing jobs out of the U.S.
Regardless of how one might personally feel about the TPP, the impact it could have on the global apparel industry will be substantial. As such, it’s important to keep an eye on how the outcome of the 2016 presidential election could affect the fate of this trade agreement.
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