On 3 February 2016 the 12 Ministers representing Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam signed the Trans-Pacific Partnership Agreement (New TPP Countries: Brunei, Japan, Malaysia, New Zealand, and Vietnam).  This agreement aims at creating opportunities for 15 specific industry sectors; such as consumer goods, energy and forest products.

The Trans-Pacific Partnership (TPP)  aims at providing American–made products new access to some of the fastest-growing markets in the world. TPP will eliminate over 18,000 taxes various countries place on Made-in-America exports – including all tariffs on U.S. manufactured exports. Indeed, 98 % of the U.S. industrial and consumer exports to the TPP countries will be eligible for immediate duty-free treatment.

Through this agreement, the United States is seeking to support the creation and retention of high-quality jobs at home by increasing American exports to a region that includes some of the world's most robust economies.

Wood products:

The TPP countries represent a significant market for U.S. wood products. Under TPP, tariffs as high as 40% in Malaysia and 31% in Vietnam will be eliminated. U.S. wood products producers will enjoy market access into new TPP countries. Malaysia and Vietnam will eliminate nearly all tariffs on U.S. wood products immediately.

In particular:

• Japan will eliminate import taxes on 100% of U.S. forest products exports immediately;
• Malaysia will eliminate import taxes on 85.0% of U.S. forest products exports immediately and 97.0% within 4 years;
• New Zealand will eliminate import taxes on 99.0% of U.S. forest products exports immediately;
• Vietnam will eliminate import taxes on 95.4% of U.S. forest products exports immediately and 100% within 4 years;

New TPP Partners are Significant Markets for  U.S. Forest Products Exports:

• Japan: $2.0 Billion
• Vietnam: $342 Million
• Malaysia: $164 Million
• New Zealand: $65 Million
• Brunei: $781,924

Importance of the U.S. Forest Products Sector

• 1.2 Million U.S. Forest Products Workers in 2014.
• Accounted for 5% of Total U.S. Manufacturing Production in 2013.
• $36.4 Billion in U.S. Forest Products Exports to the World in 2014.
• U.S. Forest Products Exports to the World Grew by 28% between 2009-2014.
• 48% of Total U.S. Forest Products Exports to the World in 2014 go to TPP Regions.