The Senate has voted in favor of a bill that is designed to revive “fast-track” Trade Promotion Authority. The measure was passed by the House June 12, 2015. President Obama is expected to sign the bill, which has been one of his legislative priorities.
Once signed into law, the Trade Act of 2015 will give the president enhanced negotiating powers to complete a major Pacific trade accord.
According to a New York Times article, “With congressional support for ‘fast track’ authority, the president can press for final agreement on the Trans-Pacific Partnership, a legacy-defining accord linking 40 percent of the world’s economy—from Canada and Chile to Japan and Australia—in a web of rules governing Pacific commerce. His administration can also bear down on a second agreement with Europe—known as the Transatlantic Trade and Investment Partnership—knowing that lawmakers will be able to vote for or against those agreements but will not be able to amend or filibuster them.”
The article says in effect the two accords “would put much of the globe under the same trade rules, not only lowering tariffs and other import barriers but also creating new standards for Internet access, intellectual property and investor protections.”
The legislation did not have the support of many Democrats, labor unions and environmental groups, who argued that similar trade agreements had cost manufacturing jobs in the U.S. and lowered wages for American workers, the New York Times reports.
Senate leaders added a provision that allows faster action against foreign competitors that are found to be “dumping” steel and other products in the United States at artificially low prices, the article notes.
In response to the Senate passage of the Trade Act of 2015, Washington-based American Forest & Paper Association (AF&PA) President and CEO Donna Harman has issued a statement.
Harmon writes, “International commerce is vital to the pulp, paper, packaging and wood products industry. In 2014, direct U.S. exports of forest products amounted to $31.9 billion, but our industry also benefits from exports of other goods. Paper, paperboard and wood packaging materials sold domestically are used to package and transport goods exported by other U.S. industries. Either by direct or indirect exports, our industry will benefit by opening new international markets and breaking down foreign trade barriers.
“We thank Sens. Orrin Hatch, Ron Wyden and Rep. Paul Ryan for their leadership on Trade Promotion Authority. We now urge President Obama to expeditiously sign this bill into law.”