Recently, TPP brings benefits for Hawaii,such as:
Expand Trade between Hawaii and Existing FTA Partners
The TPP agreement will provide Hawaii with an opportunity to increase its goods and services trade with several current U.S. FTA partners and ensure that such trade remains rules-based, open, and competitive. Of the 11 TPP countries, six (Australia, Canada, Chile, Mexico, Peru, and Singapore) are current U.S. FTA partners and generate substantial trade in both goods and services:Hawaii exported $698 million worth of goods to these six countries in 2014 — accounting for roughly 46 percent of Hawaii’s goods exports globally.
Open New Markets in Countries that Are Not Current FTA Partners
The TPP will also provide Hawaii with an opportunity to open new markets for its goods and services in countries that are not current U.S. FTA partners. Of the 11 TPP countries, five (Brunei, Japan, Malaysia, New Zealand, and Vietnam) are not current U.S. FTA partners. With a combined population of 253 million people and a combined economy of $5.3 trillion, 7 these “new FTA” TPP countries have the potential to be vibrant new markets for Hawaii exports.
Strengthen Investment Ties between Hawaii & All TPP Countries
The TPP agreement will help strengthen investment ties between Hawaii and all 11 TPP countries. Companies headquartered in TPP countries have already invested more than $720 billion in the United States and employ nearly 1.6 million Americans.9 About 85 Hawaii businesses are subsidiaries of companies based in TPP countries — serving as an important source of business investment and job creation in the state.10 For instance, Canadian and Japanese companies alone employed approximately 16,500 employees in Hawaii in 2013.