U.S.: A Potential Breakthrough in Trans-Pacific Trade Talks

The United States' Trade Promotion Authority bill is likely to be released from committee today, paving the way for a congressional vote to give the president so-called fast track authority. Congress would also be allowed to vote on foreign trade agreements, but only as an up-or-down vote rather than on individual line items. The lack of trade promotion authority has delayed U.S. negotiations with its Asian partners on the Trans-Pacific Partnership. Moreover, the potential to pass the Trade Promotion Authority just before Japanese Prime Minister Shinzo Abe visits Washington on April 27 could signal an imminent breakthrough in Trans-Pacific Partnership negotiations. However, the passage of the Trade Promotion Authority bill might not have the same impact on U.S. talks in Europe on the Trans-Atlantic Trade and Investment Partnership.