Manufacturers Welcome Introduction of Trade Promotion Authority Legislation
Call for Swift Action from Congressional Leaders
Manufacturers are rallying behind bipartisan Trade Promotion Authority (TPA) legislation introduced today by Senate Finance Committee Chairman Max Baucus (MT) and Ranking Member Orrin Hatch (UT) and by House Ways and Means Committee Chairman Dave Camp (MI).
The Bipartisan Congressional Trade Priorities Act would renew TPA for up to seven years, giving the United States a critical tool to help accelerate and implement comprehensive, market-opening negotiations that will make manufacturers more competitive globally. TPA was last renewed in 2002 and expired in 2007.
“Sens. Baucus and Hatch and Rep. Camp have worked across the aisle and demonstrated strong leadership on a critical manufacturing priority,” said National Association of Manufacturers (NAM) Vice Chair of International Economic Policy David Hoover of Ball Corporation. “Manufacturers need TPA to open new overseas markets and secure better access to the 95 percent of the world’s consumers who live outside our borders. Countries with which the United States has negotiated trade agreements under TPA bought nearly half of all U.S.-manufactured goods exports last year, supporting millions of jobs across the country.”
In October, the NAM Board of Directors passed a resolution calling on the Administration and Congress to act quickly to restore TPA so the United States can continue to open overseas markets and pursue the kind of robust trade policies and agreements that will help grow manufacturing. The United States enjoys a $130 billion manufacturing trade surplus with its 20 existing trade agreement partners.
“Trade is working for manufacturers, giving them vital access to an $11 trillion global industrial goods market,” said NAM President and CEO Jay Timmons. “Congress must move quickly to pass TPA and ensure America continues to lead in leveling the global playing field for manufacturers and workers. We cannot afford to stand on the sidelines while other countries negotiate deals that exclude us.”
TPA is a critical partnership between the President and Congress that facilitates negotiation and approval of trade agreements. It ensures congressional input on trade negotiations and increases Congress’s power to shape and influence trade agreements. Every president since Franklin Roosevelt has had authority from Congress to strike trade deals that open overseas markets for manufacturers and workers.
To see more about the NAM’s TPA priorities and how manufacturers in every state are benefitting from trade, visit our website.