“Fast Track” Bill Signed Into Law: Next Up Trans-Pacific Partnership
On Monday, President Obama signed Trade Promotion Authority (TPA) into law. TPA, also known as the “fast track” bill, was seen as a crucial component in solidifying the Trans-Pacific Partnership (TPP). Although the re-authorization of TPA grants the President greater authority in his ability to negotiate and secure a trade deal–thus speeding up the TPP negotiation process–the TPP still has some tough negotiations ahead. However, the new authority Congress granted the President will now give him the power needed to ultimately conclude negotiations on the TPP.
The TPP covers almost 40 percent of the goods and services produced in the world. The United States ships more than $1.9 billion in goods to TPP countries every day. One of the main objectives of the TPP–according to USTR and the Obama administration–is to cut the “red-tape of trade,” by reducing costs and making CBP more efficient. Specifically, the TPP looks to create commitments that would ensure the quick release of goods through customs.
The TPP is not the only trade deal the Obama administration has in their sights. The U.S. Trade Representative, Michael Froman, looks to tie up the Transatlantic Trade and Investment Partnership Agreement (TTIP), the World Trade Organization’s Information Technology Agreement, the Environmental Goods Agreement, and the 24-party Trade in International Services Agreement.
In 2014, there were over 23,000 intellectual property rights seizures by U.S. Customs and Border Protection (CBP), with the property seized having an estimated MSRP value of $1.2 billion. According […]
