The Senate Committee on Finance, chaired by U.S. Sen. Orrin Hatch (R-UT), last week stressed the value of pending Trade Promotion Authority (TPA) legislation, specifically as it applies to the Trans-Pacific Partnership (TPP).
TPA is a trade tool that gives Congress the power to review and give final approval on all international trade agreements, ensuring that the United States does not sign on to trade pacts that are not in the best interest of the nation’s economy and international relations.
“TPA sets the terms for trade agreements and makes clear that any trade agreement has no effect on U.S. law,” the committee said in a statement. “In fact, (under TPA), the only way to change U.S. law is through congressional action. TPA reaffirms that this basic constitutional principle applies to all trade agreements. And, nothing about TPA can or will change this basic constitutional principle for trade agreements that have already been approved by Congress. It’s that simple.”
The committee also explained that all U.S. trade agreements, including TPP, are “living agreements,” meaning that the agreement can evolve and be modified with the passage of time and according to updates deemed necessary following periodic reviews.
“Like past agreements, TPP makes clear that any decision to change the rules in the future would have to be reviewed and agreed to under the domestic legal procedures of each country,” the statement concluded. “In the United States, that means any modifications that would change U.S. law would have to be approved by Congress. In other words, all U.S. trade agreements are living agreements, but Congress always has the final say.”