Trade talks hold uncertain impact for Maine firms
As secret negotiations over a new international free trade agreement are set to resume in January, Maine companies are divided over the potential economic impact of the pending deal.
The Portland Press Herald reported that the Trans-Pacific Partnership talks between the United States and 11 other countries has some Maine companies worried and others eyeing opportunities for new markets. The negotiations include five countries — Japan, Malaysia, New Zealand, Vietnam and Brunei — with which the United States does not have any free trade agreements. According to the CEO-led interest group Business Roundtable, which supports the free trade deal, Maine exported $603 million in goods to those countries in 2012.
Shoe manufacturer New Balance, with factories in Norridgewock, Skowhegan and Norway, is among the companies worried about the deal, which stands to remove tariffs on shoes manufactured in Vietnam. The company is battling other shoemakers like Adidas, Saucony and Nike, which have lobbied to eliminate the tariffs that New Balance says could put its U.S. manufacturing jobs in jeopardy.
The paper reported that other Maine businesses, like wild blueberry growers and commercial fishermen, stand to benefit from removing tariffs on sales to those countries.
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