Special Report on
Fast Track Trade Promotion Authority
Fast Track Trade Promotion Authority - Trends
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The U.S. has experienced steadily growing trade deficits for nearly three decades, and these deficits have accelerated rapidly since the North American Free Trade Agreement took effect in 1994 and the World Trade Organization was created in 1995. The toll on U.S. employment has been heavy: from 1994 to 2000, growing trade deficits eliminated a net total of 3.0 million actual and potential jobs from the U.S. economy.1 Yet despite substantial evidence that current trade policies have resulted in massive trade deficits and job losses, the Bush Administration is pressing Congress for "fast track" trade negotiating ...
Fast-track trade promotion authority, or TPA, grants the U.S. president the right to negotiate trade agreements independent of congressional oversight. TPA is seen as a critical tool for facilitating trade liberalization by streamlining the complicated process of drawing up trade legislation. Congress voted to give President Bush TPA under the Trade Act of 2002 , but this authority expires June 30, 2007, unless Congress votes to extend or renew it (the legislature can specify the length of any possible extension or renewal). With major bilateral trade deals currently on the table with ... Read More
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FAST TRACK TRADE PROMOTION AUTHORITY
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