Deere urges ratification of Trans-Pacific Partnership

MOLINE, Ill., Feb. 3, 2016 /PRNewswire/ -- Deere & Company (NYSE: DE) today urged the U.S. Congress to ratify the Trans-Pacific Partnership (TPP), saying the trade agreement signed by 12 countries today is a much-needed step to boost the global economy.

"A robust U.S. trade agenda expands jobs and opportunities for American workers, farmers and businesses," said Samuel R. Allen, Deere & Company chairman and chief executive officer. "This benefits our customers, our employees, and expands our business opportunities."

Allen said the global marketplace is important to Deere's employees as nearly 40 percent of the company's revenues already come from sales outside the U.S. and Canada. Exports at Deere's larger agricultural and construction equipment factories in Iowa and Illinois account for between one-third and one-fourth of all units manufactured at those facilities.

Deere serves customers in the TPP participating countries and has facilities in seven of them. The agreement is expected to boost trade flows among all participants and strengthen global food security by improving efficiency in meeting food and feed needs as well as improving infrastructure across the Asia-Pacific region.

"TPP delivers transparent and consistent rules for our investments and freer trade for our products, both of which are increasingly more important as Deere's global footprint has grown," Allen said. "The agreement's provisions enhance the business environment in these important economies, making Congress's swift ratification of the agreement important to Deere and our customers."   

The participating countries signed the TPP today in New Zealand, taking another step toward ratification and implementation of the agreement. TPP members account for about 40 percent of the global economy and one-third of world trade. Initial TPP countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam.

SOURCE Deere & Company

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