A massive trade deal now has the support of the American Farm Bureau Federation.
In an analysis released this week, AFBF claim ratifying the Trans-Pacific Partnership (TPP) will boost farm income by $4.4 billion.
They add not approving the trade deal could be harmful as well. The 11 other member-countries could make agreements with each other.
President of the Iowa Farm Bureau says, "Had we not performed this agreement, you would see other nations with bilateral agreements that would have circumvented our abilities to enter into this marketplace countries like China. So we pre-empt China with this agreement. This agreement sets the stage for other countries to join. And one of the states that's most greatly benefited by this is Iowa."
In Iowa, Hill says TPP would boost exports by $389 million, largely in pork but also other proteins. The Farm Bureau predicts price increases in the protein sector by $2.66 a hundredweight for beef, $2.45/cwt for pork, and $1.40/cwt for poultry.
Trade is also expected to increase. Hill says there will be $632 million dollars of additional farm receipts in Iowa.
According to Hill, while the grain market won't be impacted as strongly, Iowa could still benefit, "What we will do is we will take the grain and we will feed it to livestock here in Iowa. Furthering added value to that. Creating jobs here in Iowa and then exporting the meat as a cellophane or a package product."
Hill says the number of new jobs in Iowa is expected to be 2,940.
The 12 member nations of TPP reached an agreement last year and signed the pact earlier this month. It still has to be ratified by the governments of each member. Congress may try to delay the vote until after November elections.