With 12 Pacific countries including the United States on board and as much as 40 percent of the global economy potentially impacted, all eyes turn to Congress following Monday’s agreement on the Trans-Pacific Partnership (TPP).
The agreement is intended to reduce the red tape associated with global trade, bringing it into the 21st century.
“I look forward to reviewing the text closely to ensure it follows the objectives Congress laid out,” U.S. Rep. Pat Tiberi (R-OH) recently said. “TPP has the potential to increase American influence and provide access for American businesses to sell their products and services around the world.”
America’s participation in the TPP requires Congressional approval, which will likely be the greatest challenge the administration will face in its final year. Opposition to the TPP in Congress crosses party lines largely due to a series of issues with the trade deal including a growing anti-trade sentiment and a general distrust of the Obama administration. There are also concerns about the provisions in the deal itself.
“There are many complex issues involved in this agreement that require careful consideration to ensure that the outcome is beneficial for the U.S. economy and jobs,” Tiberi said.
However rocky the road to passage may be, there still is hope for the TPP. Congress authorized Trade Promotion Authority (TPA) to fast-track negotiations earlier this year over similar obstacles, a vote Tiberi is proud of.
“I am pleased the passage of TPA earlier this year will allow the public to fully review the text of TPP, and I look forward to receiving input from my constituents and other stakeholders,” Tiberi said.