WASHINGTON, D.C. (October 5, 2016)—As we mark the first anniversary of the conclusion of the Trans-Pacific Partnership (TPP) negotiations, the members of the U.S. Coalition for TPP urge the approval of this critical agreement by the U.S. Congress this year.

The TPP offers substantial benefits to a wide range of agricultural, manufacturing, technology and service companies and their workers, as well as to the broader U.S. economy and consumers. It also advances core American values of fairness, transparency, and non-discrimination to level the playing field in these markets and strengthen American competitiveness.

To seize this opportunity, outstanding issues that have been identified by our groups and congressional leaders must be resolved. To that end, we appreciate the work that has been done to address concerns over financial data localization provisions in the TPP, and strongly urge the administration and Congress to find substantive solutions on remaining issues quickly to ensure that a successful vote on the TPP can take place.

Failing to move forward on the TPP this year will leave in place a status quo where the United States continues to lose market share while other countries move forward with their own agreements that put American workers, farmers, and companies at a disadvantage.

The costs of not approving the TPP this year are substantial, both in terms of lost U.S. sales to countries that have concluded, or are seeking to conclude, preferential trade agreements with our competitors, as well as significant damage to U.S. credibility and our ability to help write the rules for trade in the pivotal Asia-Pacific region.

The TPP represents a historic opportunity to expand U.S. trade and influence in Asia. The U.S. Coalition for TPP urges Congress to approve the TPP this year.

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The U.S. Coalition for TPP is a broad-based group of U.S. companies and associations representing the principal sectors of the U.S. economy including agriculture, manufacturing, services, information and communications technologies, merchandising, processing, publishing, retailing and transportation, that seeks passage and the implementation of the Trans-Pacific