Gap Inc. Supports Robust Trade Agenda and Introduction Of Bipartisan TPA Legislation; Urges Quick Congressional Approval
SAN FRANCISCO – April 16, 2015 – 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.