Gap Inc. Applauds Bipartisan Senate Votes on Key Trade Legislation
SAN FRANCISCO – June 24, 2015 – Gap Inc. (NYSE: GPS) today applauded the bipartisan Senate vote to approve Trade Promotion Authority legislation. The measure approved will modernize and renew Trade Promotion Authority (TPA) and help to build a robust trade agenda to bolster U.S. economic growth and competitiveness. The measure now goes to the President for his signature.
Gap Inc. also conveyed its strong support for Congressional renewal this week of trade preferences for Africa, Haiti, and the Generalized System of Preferences, as well as Trade Adjustment Assistance (TAA). Trade preference programs promote economic development and help to lift people out of poverty in the world’s poorest countries by providing duty-free entry for qualifying products, while TAA provides workers with the support and tools they need to compete in a 21st century global economy. The TAA and trade preferences legislation approved today by the Senate will require House approval before it can be signed into law.
“In approving the bipartisan Trade Promotion Authority legislation, Congress takes an important step forward to help ensure the future competitiveness of the U.S. economy. TPA will provide a crucial tool for U.S. negotiators who are seeking to secure the best possible deal for American workers and businesses when finalizing trade agreements such as the Trans Pacific Partnership (TPP). Importantly, TPA also establishing strong, enforceable labor protections, human rights, and environmental standards,” said Sonia Syngal, executive vice president of global supply chain and product operations for Gap Inc. “We applaud members of the Senate and House who demonstrated leadership by voting to approve TPA, and we urge the President to quickly sign the legislation into law.”
“TPP and trade preference programs for Africa and Haiti would help U.S. companies such as Gap Inc. compete globally by reducing tariffs for apparel. Our competitors based in Europe and Asia currently enjoy these duty-free benefits, so leveling the playing field would help save millions of dollars,” continued Syngal. “These savings can then be reinvested into our workforce and operations, or passed onto our customers.”
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, 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.