SENATE MOVES FAST-TRACK TRADE LEGISLATION CLOSER TO THE GOAL LINE
The Senate voted this week to end debate on Trade Promotion Authority legislation that would enable the U.S. to negotiate new trade agreements and open foreign markets, spur economic growth, and create American jobs.
The Senate vote to cut off debate was 62-38, two more than necessary. The vote moved the bill closer to final passage in the Senate.
Trade Promotion Authority has the support of the Business Council of Alabama, the Republican Senate majority, the president, and about a dozen pro-trade Democrats. If the Senate approves the bill it will go to the House. TPA is vital because economic growth and job creation at home depend on our ability sell American goods and services to the 95 percent of the world's customers living outside the United States.
The BCA along with 37 other trade associations that represent a cross section of the American economy signed a TPA support letter that urges Congress to reject an amendment by Sen. Sherrod Brown, D-Ohio that would require Congress to vote to approve new negotiating partners to the related Trans-Pacific Partnership talks.
One in four manufacturing jobs depends on exports, and one in three acres on American farms is planted for consumers overseas. Nearly 40 million American jobs depend on trade.
In Alabama, trade supports more than 500,000 jobs in the state and of goods and services last year reached $23 billion. Trade is especially important for Alabama's small businesses, more than 3,200 of which are exporters.
However, the international playing field is often unfairly tilted against American workers and companies. While our market is generally open, U.S. exports face foreign tariffs that often soar into double digits as well as a thicket of non-tariff barriers.
Trade agreements are negotiated to tear down these barriers. By creating a level playing field, they help U.S. companies and the workers they employ compete in overseas markets.
The record of America's trade agreements is outstanding. While our 20 trade agreement partners represent just 6 percent of the world's population, they buy nearly half of U.S. exports. The expansion in trade fueled by these trade agreements supports more than 5 million American jobs.
To expand these benefits, the United States is negotiating the Trans-Pacific Partnership agreement with 11 other Asia-Pacific nations, including some of the world's fastest growing economies. The United States is also negotiating the Transatlantic Trade and Investment Partnership with the European Union, the largest market for U.S. business.
However, to make either of these growth-driving trade agreements a reality, Congress must first approve Trade Promotion Authority (TPA). TPA strengthens the role of Congress on trade. This bill would allow Congress to set priorities for U.S. trade negotiations and hold the administration accountable through extensive ongoing consultations during trade talks. TPA also ensures Congress has the final say on any agreement. A simple form of TPA was first enacted in 1934, but the latest version lapsed in 2007.
Without TPA, the U.S. cannot negotiate new trade agreements to open foreign markets, spur economic growth, and create American jobs.
The BCA urges members to contract the congressional delegation on this important economic opportunity.
Call 888-373-9401 now to tell your Representative to vote YES on the bipartisan "Bipartisan Congressional Trade Priorities and Accountability Act of 2015" to renew TPA authority. Or text "TPA" to 52886 to connect with your Representative.
More resources on Trade Promotion Authority:
America Needs Trade Promotion Authority (TPA) - USCOC
Clock is Ticking for Manufacturers - NAM
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