Hatch Warns that TPP Falls Woefully Short, Highlights Importance of TPA
WASHINGTON—Following the announcement that a Trans-Pacific Partnership (TPP) agreement between the United States and 11 other nations had been reached, Senate Finance Committee Chairman Orrin Hatch expressed concern that “the deal appears to fall woefully short.”
“A robust and balanced Trans-Pacific Partnership agreement holds the potential to enhance our economy by unlocking foreign markets for American exports and producing higher-paying jobs here at home,” Hatch said. "But a poor deal risks losing a historic opportunity to break down trade barriers for American-made products with a trade block representing 40 percent of the global economy.”
Earlier this year, Senator Hatch championed Trade Promotion Authority (TPA), a tool that allows Congress to examine and scrutinize trade deals, including TPP. TPA will require the administration to demonstrate that TPP meets over 150 congressionally-mandated trade objectives to protect American workers and our economy. TPA will also grant the public at least 60 days to review the pact before it even gets to Congress, where elected leaders have the opportunity to review the agreement before granting final approval, and ensure that it meets the needs of constituents.
Hatch noted that TPP is "a once-in-a-lifetime opportunity”: “The United States should not settle for a mediocre deal that fails to set high-standard trade rules in the Asia-Pacific region for years to come.”
