Obama must make the case for freer trade
ACCORDING to recent reports, US congressional negotiators have reached a deal on the Trade Promotion Authority (TPA) legislation aimed at speeding approval of international trade agreements, including a major trade pact with the Asia-Pacific economies that the Obama administration now hopes to conclude next year.
The TPA legislation, aka "fast-track", would enable the White House to submit negotiated trade agreements to an up-or-down vote without amendments before Congress. The TPA expired in 2007, but it is now crucial to completing the final round of negotiations on a historic trade deal with the 12 partner economies of Trans-Pacific Partnership (TPP) as well as accelerating the talks on a trade pact with the European Union (EU) economies, the Transatlantic Trade and Investment Partnership (TTIP).
The TPP is the centrepiece of the Obama administration's geo-strategic and geo-economic agenda, the so-called "pivot" to the Asia-Pacific region that was supposed to underline Washington's renewed commitment to Asia and to expanding its presence in the region.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access