In an effort to open the doors to seal a crucial Pacific trade agreement, a bipartisan bill was introduced on Thursday by the American lawmakers for the quick passage of the trade deals through US Congress.
The US trade negotiators have got new objectives from the major bill, including giving direction to the trading partners for avoiding manipulation of their currencies, in exchange for a yes-or-no vote in Congress.
Orrin Hatch, Chairman of the Republican Senate Finance Committee, said, “This is a smart, bipartisan compromise that will help move America forward. The TPA renewal will help US job creators and workers in unlocking new opportunities for growth and promote better, higher-paying jobs here at home.”
With the introduction of the bill, both Senate and House of Representatives have sent an optimistic signal about the Trans-Pacific Partnership ahead of a planned visit of Japanese Prime Minister Shinzo Abe to Washington later this month.
Japan and other TPP partners have said that a fast track authority is very important for a smooth passage of trade pacts, giving the trading partners a sense of security and certainty that their agreements will not be picked apart.
The bill has, however, faced opposition from some conservative Republican leaders, who are against the delegating power to the White House. On the other hand, the Democratic leaders are also concerned about the impact on jobs as well as the environment.