House Ways and Means Committee Chairman Paul Ryan (R, WI) and Trade Subcommittee Chairman Pat Tiberi (R, OH) joined House Speaker John Boehner (R, OH) for the enrollment of trade promotion authority legislation. Pictured along with them are Reps. Pete Sessions (R, TX), Ron Kind (D, WI), Jim Costa (D, CA), and Mike Quigley (D, IL) .
This Week in a Nutshell
With the US Congress passing TPA, realizing a highly ambitious Pacific trade agreement seems increasingly promising. TAA, a bill set to protect domestic workers, is set to come up on the legislative table.
Across the Atlantic, the European Parliament is considering the terms by which ISDS tribunals will be included in TTIP agreements. Europeans appear to be increasingly supportive of amendments and updates to the current ISDS framework which may prove favorable for TTIP.
Speeches & Official Announcements
Ready for Signature: Congress Delivers on Bipartisan Trade Promotion Authority Legislation
“Years of hard work have finally paid off. This is a win for our economy, for our national security, for government accountability, and for American leadership. With TPA in place, Congress will have more influence in trade negotiations. And nations around the world will know that America is ready to help write the rules of the global economy.” – House Ways and Means Committee Chairman Paul Ryan
Yesterday, Senate passed legislation establishing TPA, following House passage last week. The bill will now head to the president for his signature. Now that TPA has been established, it is up to the president to negotiate a high-standard agreement that levels the playing field for American workers – with Congress voting against if the president does not deliver. (Committee on Ways and Means)
Click here for a photo of Speaker Boehner signing to the trade promotion authority legislation.
News
Senate Sends Key Trade Bill to Obama
Yesterday, the Senate cleared a bill to give “fast track” congressional approval of major international trade deals, with a 60 to 38 vote. The Senate is now voting on TAA, a related bill dealing with assistance to US workers who lose their jobs because of FTAs. It is expected to go to the House for a vote on Thursday. (CNN)
Parliament’s Trade Committee to Vote on TTIP Monday
Next Monday, the European Parliament will hold a symbolic vote on TTIP, leading many to question whether ISDS will again divide the Socialist & Democrats group’s majority support. Last July, Parliament was divided between those who wanted a permanent court with publicly appointed, independent judges and an appeal mechanism; and those who argued that only national courts should be able to rule on foreign investor claims. (Politico)
TTIP Action Partner
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Recent Analysis
EU Ambassador: US and EU Face “Heavy Lift” to Get Trade Deal
EU Ambassador to the US David O’Sullivan noted that while TTIP was still in the realm of possibility, concluding negotiations would be difficult to achieve. The upcoming US presidential elections, as well as growing fears in Europe could make it hard to push through a deal. Nevertheless, Ambassador O’Sullivan reiterated TTIP’s geostrategic importance. (Reuters)
Graphic Detail: Why Everyone Is So Keen to Agree New Trade Deals
Through their “Graphic Detail” infographics, The Economist illustrates how growth in global trade volumes has slowed in recent years, with the cause of liberalisation increasingly being advanced by regional trade agreements. As trade deals get increasingly complex and binary, it is far harder to gauge their impacts: RTAs are perhaps no easier to negotiate than grand global agreements. (The Economist)
TPP Ambassadors Boost Trade Agreement
On June 23, the Atlantic Council’s Adrienne Arsht Latin America Center and Global Business and Economics Program hosted an event, Unlocking the Trans-Pacific Partnership: Views from Both Sides of the Pacific, with Latin American and Asian representatives from key countries in the TPP negotiations. Each shared their unique insight on the potential opportunities and pitfalls to be addressed with the TPP. (Atlantic Council)
Trade in Action
On Trade Promotion Authority (TPA) and the Trans-Pacific Partnership (TPP)
Japan Applauds Passage of TPA Bill in US as Pacific Trade Takes Big Step
The Japanese government called applauded TPA’s passage through the US Congress, with Prime Minister Shinzo Abe calling it a major step forward in speeding up TPP negotiations. Japanese fiscal policy minister Akira Amari noted that July was the effective time limit for cutting a broad deal, given the political schedules in the negotiating countries. (Japan Times)
Confirmed: Philippines Wants to Join TPP
At a CSIS conference on Wednesday, Philippine Trade Secretary Gregory Domingo stated that the Philippines is committed to joining TPP. While joining TPP may require the Philippines to amend its constitution, which currently has restrictions on foreign ownership in certain sectors, Domingo noted that it was critical for the Philippines to negotiate some kind of bilateral economic agreement with the United States – Manila’s top trading partner and largest investor. (The Diplomat)
Upcoming Events
Roundtable on the Trans-Atlantic Trade and Investment Partnership – June 25 in Brussels, hosted by the European Ombudsman – More Information
Open for Business: What a Transatlantic Free Trade and Investment Agreement Means to the UK Food & Drink Sector – June 25 in Leicester (England), hosted by The BritishAmerican Business – More Information
Meeting of the TTIP Partnership Advisory Group – June 30 in Brussels, hosted by the European Commission- Find the meeting agenda here
UK National Road Shows – June to December in the United Kingdom, hosted by the British American Business – More Information
EU Digital Single Market Conference – July 16 in Washington, hosted by the Trans-Atlantic Business Council – More Information