The personal care products industry organizations from the U.S. as well as a number of other countries have spoken out that they are pleased about the concluded negotiations on the Transpacific Partnership Agreement (TPP).
The agreement, which eases international trade restrictions, is favored by the The Australian Accord Australasia Limited, the Canadian Cosmetic, Toiletry and Fragrance Association (CCTFA), the Chilean Cámara de la Industria Cosmética de Chile A.G., the Mexican Cámara Nacional de la Industria de Productos Cosmetico y la Asociación Nacional de la Industria del Cuidado Personal y del Hogar (CANIPEC), the Cosmetic, Toiletry and Fragrance Association of New Zealand (CTFA), Comité Peruano de Cosmética e Higiene-(COPECOH-CCL), the Cosmetic Toiletry and Fragrance Association of Singapore (CTFAS), and the U.S. Personal Care Products Council (PCPC).
"We believe that the TPP is an extraordinary opportunity to facilitate international trade of cosmetics and personal care products through the alignment of regulatory policies. We also believe TPP will be very beneficial for the families who trust and enjoy our products worldwide," the groups said in a joint written statement.
They continued: “The TPP Agreement goes beyond reducing tariffs. With the inclusion of an Annex on cosmetic products, it will help the personal care products industry address technical regulatory trade barriers that impede our industry’s ability to provide safe, innovative products in a timely fashion to consumers around the world. The cosmetic and personal care products industry is a global industry that requires open markets and transparent, consistent regulatory environments. International trade is a critical component to the success of our industry, and significantly contributes to our ability to compete globally, to expand manufacturing and employment, and to support other industries such as advertising, packaging, and transportation. The personal care products industry also promotes continual technological innovation and supports small and medium sized businesses (SME’s).”
According to data from the World Bank, the TTP agreement together with the Trans-Atlantic Trade & Investment Partnership Agreement (T-TIP) further open markets encompassing nearly 1.3 billion customers and about 60 percent of global gross domestic product.