HONG KONG: As more ports in the US become reliant on Pacific Rim trade, analysts say support of new treaties and agreements will be on the upswing. This became evident yesterday when the American Association of Port Authorities (AAPA) voiced its endorsement.
“As a long supporter of trade policy based on equity and fairness, AAPA endorses the Trans-Pacific Partnership agreement between the United States and its trading partners in the Pacific,” said Kurt Nagle, president and CEO of the AAPA.
He added that the prosperity of the US is inextricably entwined with that of the rest of the world.
“We believe this agreement, and others pending, will increase trade and US exports. This increase in trade will provide more jobs in our ports and throughout the nation,” he added.
America’s seaports deliver vital goods, ship U.S. exports, create jobs, and support local and national economic growth. Cargo activity at US ports currently accounts for over a quarter of the US economy and $650 billion in personal income, supports the employment of over 23 million American workers, and generates over $320 billion in local, state and federal tax revenues.
“These enormous impacts will increase further due to the trade growth anticipated as a result of the TPP agreement,” said Nagle.
He noted that for every additional $1 billion in exports shipped through US seaports, 15,000 US jobs are created. Jobs in export-intensive industries pay up to 18 percent more, on average, than jobs in other industries.
Shipping activity at Port Qasim on February 11
KARACHI: Three ships namely, Glen Canyon, Al-Salam- II and TSM Pollux carrying Containers, Gas oil and Palm oil were arranged...
