Gap Inc. Supports Robust Trade Agenda and Introduction Of Bipartisan TPA Legislation; Urges Quick Congressional Approval
April 16 2015 - 3:38PM
Business Wire
Gap Inc. (NYSE: GPS) today applauded the introduction
of the Bipartisan Congressional Trade Priorities and
Accountability Act of 2015, bipartisan legislation to modernize and
renew Trade Promotion Authority (TPA), and enable a robust trade
agenda to bolster U.S. economic growth and competitiveness. The
legislation would help open the door to new markets for U.S. goods
and services, help level the playing field for American retailers,
and support well–paying U.S. Jobs.
"Trade is vital to the global competitiveness of Gap Inc., and
supports more than 110,000 Gap Inc. employees across the United
States," said Sonia Syngal, executive vice president of global
supply chain and product operations, Gap Inc. "We thank Senators
Hatch and Wyden, as well as Congressman Ryan, for their efforts to
craft bipartisan legislation that will help us to create new
economic opportunities and grow our business. TPA is key to making
sure U.S. companies and workers get the best possible outcomes in
trade agreements, and we strongly encourage Congress and the
President to work together to enact it as soon as possible.”
The TPA legislation introduced today includes significant
improvements to the 2002 TPA law and recognizes changes in the U.S.
economy, such as the prevalence of global value chains to support
U.S. jobs. The bill also sets negotiating objectives on fair
competition with state-owned enterprises, labor and environmental
standards, and enhanced procedures to ensure Congressional
oversight and public input on U.S. trade negotiations.
"Given the ambitious trade negotiations already underway,
including the Trans Pacific Partnership (TPP), Congress urgently
needs to enact TPA legislation to make clear its trade priorities.
TPA will help to achieve to the best possible TPP that opens new
markets and raises standards to protect workers and the environment
in our trading partner countries," Syngal added.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing,
accessories, and personal care products for men, women, and
children under the Gap, Banana Republic, Old Navy, Piperlime,
Athleta, and Intermix brands. Fiscal year 2014 net sales were $16.4
billion. Gap Inc. products are available for purchase in more than
90 countries worldwide through about 3,300 company-operated stores,
over 400 franchise stores, and e-commerce sites. For more
information, please visit www.gapinc.com.
Gap Inc.Media Relations Contact:Courtney Wade,
415-427-0299Press@gap.com
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