Fast Track Trade Authority

Back in November, I wrote about Fast Track Authority (FTA).  See link:  http://pageposts1123.blogspot.com/2014/11/what-is-fast-tracktrade-promotion.html

Since that time, a bipartisan agreement has been reached in the Senate to give President Obama this authority. What does it mean? According to the NY Times article reporting the agreement this past month, it means a lot! It changes the past type of FTA into an new version. Specifically, this FTA,"would make any final trade agreement open to public comment for 60 days before the president signs it, and up to four months before Congress votes. If the agreement, negotiated by the United States trade representative, fails to meet the objectives laid out by Congress — on labor, environmental and human rights standards — a 60-vote majority in the Senate could shut off “fast-track” trade rules and open the deal to amendment."

Congress has set negotiating parameters at the beginning of negotiations and this FTA gives them the final ability to halt the process. “We got assurances that U.S.T.R. and the president will be negotiating within the parameters defined by Congress,” said Representative Dave Reichert, Republican of Washington and a senior member of the Ways and Means Committee. “And if those parameters are somehow or in some way violated during the negotiations, if we get a product that’s not adhering to the T.P.A. agreement, than we have switches where we can cut it off.”

So, you see this FTA is not like past ones and gives Congress much more leeway in working with the President and the US Trade Representative to get a final deal that is in the best interests of the country. 

I caution the reader to be wary of all the information out right now on FTA and the Trans Pacific Partnership. Go to the source: USTR.gov/TPP