Report: Pacific trade pact would boost growth, jobs and incomes

A new government report shows that the U.S. economy would modestly expand and incomes and employment would rise under an expansive Pacific Rim trade agreement.

The U.S. International Trade Commission’s report said that the agriculture and service sectors would gain the greatest benefits from the Trans-Pacific Partnership (TPP) agreement.

U.S. Trade Representative Michael Froman said that the report represents another data point that will be used by congressional lawmakers to assess the 12-nation TPP agreement.

“The ITC report provides another strong argument for why TPP should be passed this year,” Froman said on a call with reporters.

“It is part of a growing body of evidence that shows that TPP will benefit our economy at home and allow the U.S. to help set the rules of the road for trade in the Asia Pacific,” he said.

But lawmakers remained cautious on their support for TPP after the report’s release.

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