Business Roundtable Lauds Introduction of Bipartisan Trade Promotion Authority Bill
America’s Business Leaders Urge Swift Congressional Approval of TPA Legislation to Advance U.S. Trade Agreements
Washington – Business Roundtable, representing CEOs of U.S. companies from every sector of the economy, today commended Senators Max Baucus and Orrin Hatch and Congressman Dave Camp for their introduction of a bipartisan bill to update and renew Trade Promotion Authority (TPA). Approval of updated TPA legislation is the Roundtable’s top trade priority.
“Trade Promotion Authority is critical to completing new trade agreements that have the potential to unleash U.S. economic growth and investment,” said Randall Stephenson, Chairman and CEO of AT&T Inc. and Chairman of Business Roundtable. “We commend Baucus, Hatch and Camp for introducing this bipartisan legislation to update Trade Promotion Authority. All of us hope that Congress and the Administration will work together in a spirit of cooperation to pass updated TPA as early as possible this year.”
“The United States is currently pursuing one of the most robust and diverse trade agendas in a generation, including negotiations on the Trans-Pacific Partnership, Transatlantic Trade and Investment Partnership, and Trade in Services Agreement,” said Doug Oberhelman, Chairman and CEO of Caterpillar Inc. and Chair of Business Roundtable’s International Engagement Committee. “In order to strengthen our negotiators’ hands and ensure the strongest outcomes possible in these and future trade deals, the United States needs updated Trade Promotion Authority.”
Since President Franklin D. Roosevelt through 2007, Congress has authorized every President to negotiate trade agreements that open new markets for American goods and services and help to ensure a rules-based system for two-way trade. Updating the 2002 TPA law provides an important opportunity for Congress and the President to work together to shape a strategic vision and goals for U.S. trade policy.
“By developing and passing a 21st century TPA for 21st century trade agreements, Congress can help address challenges to doing business globally that have emerged since Congress last enacted TPA in 2002,” Oberhelman said. “We urge members of Congress to swiftly pass updated TPA to help create new trade and growth opportunities for the U.S. economy, supporting American jobs.”As part of its TPA advocacy efforts, the Roundtable leads the Trade Benefits America Coalition, a broad-based alliance of more than 160 business and agricultural associations and companies that are dedicated to the pursuit of U.S. trade agreements and passage of updated TPA. To learn more, visit www.tradebenefitsamerica.org.