April 17, 2015 – With the agreement of key Congressional leaders on Thursday, President Obama was given special authority to finish negotiating one of the world’s largest trade deals. Though he faces a divisive fight with fellow Democrats over this bill, this development is a step in the right direction for proponents looking to reduce existing barriers to international trade.
Reynolds Hutchinson, Associate Editor of the Journal of Commerce (JOC), has reported that the Senate and House tax-writing committees re-introduced the “Trade Promotion Authority” bill Thursday afternoon. If approved, the legislation would give the President the power to fast track signed trade pacts to Congress for straight up-or-down votes — with no room for amendments and limited floor debate.
This Trade Promotion Authority could expedite signing of the recently introduced Trans-Pacific Partnership. According to the JOC article, the Trans-Pacific Partnership agreement would include Japan and 10 other Pacific nations, and stands to be the largest trade deal since the North American Free Trade Agreement (NAFTA).
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