As the adverb "ultimately" suggests, today's quote is from the conclusion of the TPP speech that Senator Orrin Hatch, the Chairman of the Senate Finance Committee, gave on the floor of the Senate last Thursday.
The text of the full speech makes it clear that Chairman Hatch is not just concerned about how the full Congress will react to the recently proclaimed Trans-Pacific Partnership Agreement. He is (or was) not yet certain what his own position will be. As he explained, "While I've often touted the potential benefits of TPP, I've also been very clear that I won't support just any TPP agreement."
Senator Hatch's floor statement contained no final assessments because there is still no final text. He did, however, highlight areas of potential concern, based on the available information, and he set out some broad tests that he believes a supportable agreement must meet.
Intellectual Property. The protection of U.S. intellectual property has long been high on Chairman's Hatch's list of priorities, and there have been several exchanges between the Chairman and the U.S. Trade Representative over the years regarding the period of data exclusivity for biologics. In U.S. law that period of protection is 12 years. Reportedly it will be considerably less than that under TPP.
We will discuss the details of that issue in a later entry. Here we simply want to note that it is a concern. Other concerns Senator Hatch mentioned included:
Market access for agriculture; and
Overreaching labor commitments.
The Litmus Tests. The above are issues Senator Hatch flagged for attention. They are not the tests he set out for the agreement. As for those tests, there were three of them, namely:
It has to meet the TPA objectives. "The negotiating objectives we included in our TPA [Trade Promotion Authority] law aren't just pro forma," the Senator said, though he conceded that some compromise in some areas would be necessary.
The Commitment of Trading Partners must be credible. "I must have confidence," Senator Hatch said, "that our trading partners will actually live up to the commitments they have made."
Congressional Review. As Senator Hatch put it, "The agreement must be subjected to a thorough and rigorous Congressional Review, including in-depth consultation with the administration."
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