Baucus Urges Immediate TPA Passage at U.S. Japan Business Summit
The U.S. must pass Trade Promotion Authority now, said Senator Max Baucus, D-Mont., at the Nov. 14 50th Annual Conference of the U.S. Japan Business Council in Washington D.C., acknowledging the 2013 legislative calendar window is rapidly closing. The Senate still has 29 legislative days remaining this year, but the House calendar is limited to only 12 legislative days. The U.S. will be unable to secure a Trans-Pacific Partnership (TPP) and other administration trade agenda items without TPA, said Baucus.
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“As we are working to close the TPP, USTR has launched negotiations with Europe. Between the two, at this moment, we are negotiating deals that would cover two thirds of the global economy.” said Baucus (here). “On top of that, in Geneva, negotiations are underway to free up worldwide trade in services, knock down customs barriers and cut tariffs on hi-tech products.”
TPP's potential is rooted in broad tariff elimination and Japan must concede sensitive products, such as rice and other agriculture, said Baucus. The Japanese should also allow reform in motor vehicles and insurance market access, along with other non-tariff measures, said U.S. Trade Representative (USTR) Ambassador Michael Froman, in prepared remarks delivered to the conference. U.S.-Japan bilateral trade in goods reached their highest levels in 2012, registering $70 billion, said Froman. Japanese participation is critical for TPP, a deal the administration still aims to close by the end of 2013, said Froman.
“While the substance and the ambition of our negotiations will ultimately drive the timing of a deal -- and we are certainly not going to agree to a bad deal just to meet a deadline -- the TPP negotiators are working around the clock to resolve the remaining issues and bring these negotiations to a close this year and with the objective of closing them this year,” said Froman.
The TPP is a “living agreement,” said Baucus, noting the partnership may welcome more countries in the future. There has been speculation that South Korea, among others, is interested in acceding, according to analysts. Additional countries may join over time, and it can be updated as new trade issues arise,” said Baucus. “If China or any other country decides it is prepared to live up to the trade agreement’s ambition, the TPP members could bring that country on board.”
Email ITTNews@warren-news.com for a copy of Froman’s remarks.