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April 16, 2015

Giovanetti: Fast Track Authority for Trade Agreement Good News for U.S. Economy

 

DALLAS   It’s good news that there appears to be an agreement among Senate leaders for Congress to pursue fast track trade promotion authority, which would revitalize trade negotiations such as the Trans Pacific Partnership (TPP) and other agreements.

It is critical that President Obama and Congress cooperate in support of freer trade, says Institute for Policy Innovation (IPI) president Tom Giovanetti, and the evidence is overwhelming that freer trade leads to more economic efficiency and to greater job creation in areas of each nation’s competitive advantage.
 
Obama has called the Trans Pacific Partnership a high priority that would not only strengthen the U.S. as a leader in the Pacific Rim, but also create jobs, boost investment, and be a boon to small businesses. Reviving the TPP is a great first step, but it shouldn’t stop there.
 
Senator Harry Reid went out of his way to kill any possibility of progress on trade agreements early in 2014,” said Giovanetti. “With a grant of trade promotion authority (TPA) by Congress, President Obama might be able to leave a substantial trade-related legacy in his final two years in office, and the stage could be set for other productive areas of cooperation between the President and Congress as well.”
 
“Support for free trade long has transcended party lines,” said Giovanetti. “Trade liberalization is one area in which the Obama administration and Congress should overcome partisanship to renew presidential "Fast Track" authority. In order to do the right thing for the U.S. economy, Congress needs to look past its other substantive disagreements with the Obama administration and seize this rare opportunity where the President is on the right side of an issue crucial to the U.S. economy.”

 
Tom Giovanetti is president of the Institute for Policy Innovation (IPI), an independent, nonprofit public policy organization based in Dallas. He is available for interview by contacting Erin Humiston at (972) 874-5139, or erin@ipi.org.

 

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