TPP Awaiting Obama’s Signature

Legislation key to US President Barack Obama’s trade agenda has been approved by the US Senate, just two weeks after it appeared to have failed.

The bill known as the Trade Promotion Authority (TPA), or more commonly “fast-track”, makes it easier for presidents to negotiate trade deals.

Supporters see it as critical to the success of a 12-nation trade deal known as the Trans-Pacific Partnership (TPP).

The 60-38 vote was the product of rare Republican-White House collaboration.
The bill now awaits Mr Obama’s signature.

The authority means that Congress may only vote up or down on finalised trade agreements, not amend them.

The Obama administration and many business organisations say the legislation is necessary so that trade negotiators can win lower trade barriers for US-made goods on international markets.

This fast-track bill brings the president a step closer to concluding the TPP deal with 11 other nations to remove or reduce barriers to trade and foreign investment.

via BBC

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