MOLINE, Ill., June 24, 2015 /PRNewswire/ -- Deere & Company
(NYSE: DE) today reiterated its support for Trade Promotion
Authority legislation passed today by the U.S. Senate after earlier
approval by the U.S. House of Representatives. It now moves to U.S.
President Barack Obama, who is expected to sign the bill into
law.
"We are pleased this important trade bill has moved another step
toward enactment," said Samuel R.
Allen, Deere & Company chairman and chief executive
officer. "Trade Promotion Authority (TPA) strengthens the ability
of the U.S. to advance a robust trade agenda that will expand jobs
and opportunities for American businesses, farmers, and workers.
This benefits our customers, our employees, and Deere's business
opportunities."
TPA enables a U.S. President to submit proposed trade agreement
legislation to Congress for a yes or no vote, providing assurance
to proposed trading partners that the agreement will not be
modified after negotiations have been completed.
Estimates state that more than one in five American jobs is
supported by international trade. U.S. job growth from 2004 to 2013
was three times higher for trade-related jobs compared with average
job growth. In 2013, countries that have free-trade agreements with
the U.S. purchased 12 times more goods per capita from the United States than those that don't have
such agreements.
"Enhanced global trading relationships benefit our John Deere
customers and our business around the world," said Allen. "As
living standards and urbanization continue to increase globally,
more agricultural productivity is needed and additional
construction of infrastructure is required. Pro-trade policies that
open economies and foster growth improve the likelihood these
challenges can be met."
Passage of TPA paves the way for current trade negotiations such
as the Trans-Pacific Partnership and Transatlantic Trade and
Investment Partnership. These potential agreements would be
beneficial to John Deere customers by offering the opportunity to
add billions of dollars in future U.S. farm exports. Last year, the
U.S. exported over $150 billion in
agricultural exports and the U.S. Department of Agriculture reports
that one in every three acres on U.S. farms is planted for export
markets.
Allen said the global marketplace is also important to Deere's
U.S. employees who depend on the combined strength of U.S. sales as
well as exports to drive production at Deere manufacturing
facilities.
In 2014, about 38 percent of Deere's revenues came from sales
outside the U.S. and Canada. At
Deere's larger factories in Iowa
and Illinois, exports of
agricultural and construction equipment account for between
one-third and one-fourth of all units manufactured.
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SOURCE Deere & Company