Sen. Orrin Hatch (R-UT) outlined his suggestions for improving international trade negotiations and reiterated his support of renewing the Trade Promotion Authority (TPA) during a speech before members of the American Enterprise Institute on Friday.
“We have been without TPA, our most important tool to open markets, for far too long,” Hatch, who is chairman of the Senate Finance Committee, said. “And, while we sit back, other countries forge ahead, cutting tariffs and other barriers for their exporters, hurting our ability to fairly compete and access opportunities. The U.S. needs to lead on trade. We need to establish rules that hold other nations accountable for their unfair trade practices. And we need to tear down barriers that block our goods from foreign markets. We can only do that if we renew TPA and do so soon.”
Hatch spoke specifically regarding ongoing negotiations, including the Trans Pacific Partnership and the Transatlantic Trade and Investment Partnership, and what the Republican Congress will require in order to support them.
“With two of the most ambitious trade agreements in our nation’s history, the Trans-Pacific Partnership, or TPP, and the Trans-Atlantic Trade and Investment Partnership, or TTIP, under active negotiation, the U.S. trade agenda is truly at the precipice of opportunity,” Hatch said. “The only question is whether the administration and both parties in Congress can work together to seize this opportunity.”
Hatch, who introduced the Bipartisan Congressional Trade Priorities Act of 2014 last year, said his objectives remain the same with the new TPA legislation.
“Our bill would have renewed TPA, and it outlined the objectives our trade negotiators must meet in order for a final agreement to be approved by Congress: First, I wanted to preserve the fundamental principles of U.S. trade and economic policy that have enabled our country to grow and thrive over the past century,” Hatch said. “Second, I wanted to make sure we recognized and addressed new opportunities and challenges that our job creators and workers face when doing business around the globe. And, finally, I wanted to rebalance the relationship between Congress and the Executive Branch when negotiating, implementing and enforcing international trade agreements.”