U.S. Sen. Orrin Hatch (R-UT) on Wednesday discussed how the Trade Promotion Authority (TPA) would give Congress a lead role in negotiating trade agreements by implementing rigid guidelines and objectives that any administration would have to follow.
“TPA is a compact between the Senate, the House and the administration,” Hatch said during a speech on the Senate floor. “Under this compact, the administration agrees to pursue objectives specified by Congress and consult with Congress as it negotiates trade agreements. In return, both the House and Senate agree to allow for expedited consideration of trade agreements without amendments.”
TPA also requires Congressional consultation on any trade agreement being proposed and would give Congress the final approval before any agreement can be signed.
“For a number of reasons, this compact is essential for the conclusion and passage of strong trade agreements,” Hatch, the chairman of the Senate Finance Committee, said. “Put simply, without TPA, our trading partners will not put their best offers on the table because they will have no guarantees that the agreement they reach will be the one that Congress votes on in the end.”
The most recent version of TPA expired eight years ago, and Hatch said that America’s best interests in trade negotiations have been lacking since that time.
“Without TPA in place, our negotiators have effectively been negotiating with one hand tied behind their backs,” Hatch said. “We need to renew TPA sooner rather than later in order to give these negotiators the tools they need to reach the best deals possible.”
Hatch also discussed the growing support being received for the pending legislation that would re-establish TPA.
“We’ve crafted a good bill, one that I think members of both parties can support,” he said. ”I know that some members have anxieties and concerns about these issues. We put the bill together with those types of concerns in mind and, as I think I’ve demonstrated today, anyone who is truly supportive of trade and of opening foreign markets to U.S. goods and services, and wants to create more good jobs right here at home, should support our bill.”
Hatch added that they have received letters of endorsement for the bill from every industry and business category imaginable, including farmers, ranchers, manufacturers, tech companies, health care companies and many others.
“If both Ted Cruz and Barack Obama support our legislation, it’s probably safe to say that we’re onto something,” Hatch concluded.