After much anticipation, a bill reauthorizing trade promotion authority (TPA) was introduced on April 16 and approved Wednesday by a 20-6 vote of the Senate Finance Committee. The measure will now go to the full Senate for consideration. Companion legislation is currently pending in the House Ways and Means Committee, which also began markup this week.<\/p>\n
\u00e2\u20ac\u0153U.S. agriculture needs exports,\u00e2\u20ac\ufffd said U.S. Grains Council (USGC) Chairman Ron Gray. \u00e2\u20ac\u0153The rest of the world is moving ahead with bilateral and regional trade deals whether the United States participates or not. TPA is a tool to meet the competition and level the playing field.”<\/p>\n
TPA is considered essential to enable the conclusion of the current negotiations on the Trans-Pacific Partnership (TPP).<\/p>\n
\u00e2\u20ac\u0153Modern trade agreements are extremely complex and involve politically sensitive compromises on all sides,\u00e2\u20ac\ufffd said Floyd Gaibler, USGC director of trade policy and biotechnology. \u00e2\u20ac\u0153Negotiators for foreign countries will not put their best offers on the table if Congress is going to rewrite the deal through the amendment process. Negotiators have to be able to bargain in good faith and make an agreement that can\u00e2\u20ac\u2122t be unilaterally reopened after it\u00e2\u20ac\u2122s signed.\u00e2\u20ac\ufffd<\/p>\n
The key element in trade promotion authority is a requirement for Congress to vote on proposed trade agreements as a package deal. In addition, the legislation would establish Congressional priorities for pending trade deals and provide mechanisms for continuous consultation and accountability.<\/p>\n
Every major U.S. trade agreement enacted since 1974 \u00e2\u20ac\u201c negotiated by presidents of both parties \u00e2\u20ac\u201c has utilized TPA. Reauthorization of TPA is now needed to facilitate action on TPP, which is nearing conclusion, and the Trans-Atlantic Trade and Investment Partnership (T-TIP), now under negotiation between the United States and the European Union.<\/p>\n","protected":false},"excerpt":{"rendered":"
After much anticipation, a bill reauthorizing trade promotion authority (TPA) was introduced on April 16 and approved Wednesday by a 20-6 vote of the Senate Finance Committee. The measure will now go to the full Senate for consideration. Companion legislation is currently pending in the House Ways and Means Committee, which also began markup this … <\/p>\n