US-Asia/Pacific fast-track bill clears way for TTIP
US Congress leaders struck a compromise on a fast-track bill which will result in easier approval of a deal with the Asia-Pacific Rim and could be applied the US-US trade pact.
The legislation known as Trade Promotion Authority (TPA) will allow the White House to advance its Asia-Pacific economic policy and sign off on a deal with countries such as Japan, Canada, Australia and New Zealand.
The bill will allow lawmakers the right to set negotiating objectives, but limits them to a yes-or-no vote on trade deals. Elected representatives would not be allowed to table amendments to legislation
It is generally accepted that the Pacific Trade agreement would have priority over the Transatlantic Trade and Investment Partnership (TTIP) with Europe, which was thought to be completed during the Obama Presidency while TTIP would likely be deferred until after the election in the US.
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However, the news that a fast track system has been put in place in the US to hasten the conclusion of the Pacific treaty should put Europe on notice that the same could be applied to TTIP and the time table brought forward accordingly.
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The legislation known as Trade Promotion Authority (TPA) will allow the White House to advance its Asia-Pacific economic policy and sign off on a deal with countries such as Japan, Canada, Australia and New Zealand.
The bill will allow lawmakers the right to set negotiating objectives, but limits them to a yes-or-no vote on trade deals. Elected representatives would not be allowed to table amendments to legislation
It is generally accepted that the Pacific Trade agreement would have priority over the Transatlantic Trade and Investment Partnership (TTIP) with Europe, which was thought to be completed during the Obama Presidency while TTIP would likely be deferred until after the election in the US.
However, the news that a fast track system has been put in place in the US to hasten the conclusion of the Pacific treaty should put Europe on notice that the same could be applied to TTIP and the time table brought forward accordingly.
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