Senators Max Baucus (D-MT) and Orrin Hatch (R-UT), Chairman and Ranking Member of the U.S. Senate Finance Committee urged renewal of Trade Promotion Authority in a letter to U.S. Trade Representative Ron Kirk.
Their support, along with support from House Ways and Means Chairman Dave Camp (R-MI), should go a long way toward enactment of this important process.
As I've mentioned previously, Trade Promotion Authority (TPA) enables an Administration to negotiate trade agreements in consultation with Congress and submit them for an up or down vote without any amendments. This makes sure we get the best deal as our counter-parties can be confident that Congress won't ask for more after the deal is completed.
TPA isn't a partisan issue. It is a process necessary for negotiating the best agreements and actually getting them enacted so U.S. workers and farmers can benefit from increased sales of U.S. products and services overseas.
Every Member of Congress should support TPA.
Thursday, February 21, 2013
Tuesday, February 19, 2013
U.S. House Ways & Means to Look at Restoring Trade Promotion Authority
I predicted in my January 4 post that Congress would look at restoring Trade Promotion Authority this year.
Ways & Means Chairman Dave Camp (R-MI) is making my prediction come true. He listed Trade Promotion Authority (TPA) legislation as a top priority for the Trade Subcommittee in his letter to two other Committees outlining Ways & Means' plans, as required by House rules.
TPA enables an Administration to negotiate trade agreements in consultation with Congress and submit them for an up or down vote without the possibility for amendments. This makes sure we get the best deal as our counter-parties can be confident that Congress won't add additional requirements or ask for more after the deal is completed.
TPA, also known as "Fast Track," was last enacted in 2002 and expired in 2007. The political issues surrounding it will be new to many Members of Congress and staff.
In years past, the party of the sitting President wanted TPA while the other party didn't want to grant it. It didn't matter which party was in the White House. The party that was in wanted it; the party that wasn't in didn't want to give it to the President.
TPA is a very important tool for actually enacting the trade agreements the U.S. negotiates with other nations. Chairman Camp understands this. He knows trade agreements help U.S. companies, workers and farmers sell more products and services overseas, which creates and supports jobs here at home. He is looking down the road when the Trans-Pacific Partnership and other agreements to boost economic growth and U.S. jobs will need to be approved by Congress.
Ever Member of Congress should support TPA.
Ways & Means Chairman Dave Camp (R-MI) is making my prediction come true. He listed Trade Promotion Authority (TPA) legislation as a top priority for the Trade Subcommittee in his letter to two other Committees outlining Ways & Means' plans, as required by House rules.
TPA enables an Administration to negotiate trade agreements in consultation with Congress and submit them for an up or down vote without the possibility for amendments. This makes sure we get the best deal as our counter-parties can be confident that Congress won't add additional requirements or ask for more after the deal is completed.
TPA, also known as "Fast Track," was last enacted in 2002 and expired in 2007. The political issues surrounding it will be new to many Members of Congress and staff.
In years past, the party of the sitting President wanted TPA while the other party didn't want to grant it. It didn't matter which party was in the White House. The party that was in wanted it; the party that wasn't in didn't want to give it to the President.
TPA is a very important tool for actually enacting the trade agreements the U.S. negotiates with other nations. Chairman Camp understands this. He knows trade agreements help U.S. companies, workers and farmers sell more products and services overseas, which creates and supports jobs here at home. He is looking down the road when the Trans-Pacific Partnership and other agreements to boost economic growth and U.S. jobs will need to be approved by Congress.
Ever Member of Congress should support TPA.
Friday, February 15, 2013
Is There a Better Way Than the G20?
The G20 finance ministers are meeting in Moscow to look at economic growth issues. The G20 leaders will meet in St. Petersburg, Russia in September.
Does anyone outside a small circle even notice?
It's great that key officials from these major economies meet regularly, but can they accomplish much?
The global economy is inter-connected and inter-dependent, yet local politics and interests often water down what the G20 can do on a global basis.
Moises Naim has a good piece in the Financial Times noting that individual countries cannot tackle global issues alone, but their ability to work with others often is hampered locally. We see this regularly when the G20 discusses policy issues.
I like Naim's suggestion of "minilateralism" as a way forward.
Naim suggests gathering the minimum number of countries necessary to affect positive change on a particular issue and have them develop a global solution.
We're seeing this with willing countries coming together to negotiate a major agreement to open markets for services, building on progress made during the WTO's failed Doha Round.
This approach also will work at the state and local level.
Yes, those who oppose change will attack Naim's "minilateralism" with complaints of elitism or exclusion.
My view: If you want to have a say in the solution, take a seat at the table instead of sitting on the sidelines and throwing stones.
Moises Naim is onto something.
Does anyone outside a small circle even notice?
It's great that key officials from these major economies meet regularly, but can they accomplish much?
The global economy is inter-connected and inter-dependent, yet local politics and interests often water down what the G20 can do on a global basis.
Moises Naim has a good piece in the Financial Times noting that individual countries cannot tackle global issues alone, but their ability to work with others often is hampered locally. We see this regularly when the G20 discusses policy issues.
I like Naim's suggestion of "minilateralism" as a way forward.
Naim suggests gathering the minimum number of countries necessary to affect positive change on a particular issue and have them develop a global solution.
We're seeing this with willing countries coming together to negotiate a major agreement to open markets for services, building on progress made during the WTO's failed Doha Round.
This approach also will work at the state and local level.
Yes, those who oppose change will attack Naim's "minilateralism" with complaints of elitism or exclusion.
My view: If you want to have a say in the solution, take a seat at the table instead of sitting on the sidelines and throwing stones.
Moises Naim is onto something.
Thursday, February 14, 2013
New US-EU Trade Deal Will Boost Growth, Jobs
In his State of the Union address, President Obama announced the launch of a new comprehensive trade, investment and regulatory cooperation agreement between the U.S. and the European Union.
The U.S. and the EU already have a good trading relationship. Every day, goods and services worth $2.7 billion are traded between the U.S. and the EU.
When completed, the new agreement will further boost two-way trade and investment and will create more jobs on both sides of the Atlantic.
U.S. companies, workers and farmers will benefit.
With 95% of the world's population and 80% of the world's purchasing power outside U.S. borders, international trade and investment are more important than ever for America's continued prosperity. American jobs are created and supported when American products and services are sold overseas.
The U.S. and the EU already have a good trading relationship. Every day, goods and services worth $2.7 billion are traded between the U.S. and the EU.
When completed, the new agreement will further boost two-way trade and investment and will create more jobs on both sides of the Atlantic.
U.S. companies, workers and farmers will benefit.
With 95% of the world's population and 80% of the world's purchasing power outside U.S. borders, international trade and investment are more important than ever for America's continued prosperity. American jobs are created and supported when American products and services are sold overseas.
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