(Washington, DC) - The US-ASEAN Business Council today applauded the introduction of the Bipartisan Congressional Trade Priorities and Accountability act of 2015, legislation mean to modernize and renew Trade Promotion Authority (TPA). This legislation will help to open the door to new markets for U.S. goods and services, boost U.S. economic growth, grow U.S. exports, and support well-paying jobs in the United States and throughout the world.
“Trade is essential to the prosperity of the United States,” said Marc Mealy, Vice President for Policy of the Council. “TPA is a vital element in ensuring that U.S. businesses and workers have the best, most comprehensive access possible to foreign markets, and that the economic pillar of the U.S. rebalance to Asia is successful.”
The TPA legislation introduced today includes significant improvements to the TPA law which was in place from 2002-2007, including in areas such as non-tariff barriers to U.S. goods and services, digital commerce, restrictions on cross-border data flows, fair competition with state-owned enterprises, countering forced localization practices, labor and environmental standards, and enhanced procedures to ensure Congressional oversight and public input on U.S. trade negotiations.
The legislation introduced today is more important than ever as the United States actively pursues three significant trade agreements: the Trans-Pacific Partnership (TPP), the Transatlantic Trade and Investment Partnership (TTIP), and the Trade in Services Agreement (TISA). The TPP in particular, has the potential to grow U.S. exports up to $125 billion per year, and has the potential to serve as the building block of a free-trade area of the Asia-Pacific. Four members of the Association of Southeast Asian Nations (ASEAN) are party to the TPP negotiations: Brunei, Malaysia, Singapore, and Vietnam.
“The TPP is essential to America’s economic future and position in Asia, and TPA will help ensure that it is a success,” Mealy added. “The TPP will allow U.S. companies to gain greater market access in 11 countries, including 4 in ASEAN, Asia’s fastest growing region. Once TPP is in place, we hope that the administration will outline a strategy for moving towards a free trade agreement with all 10 ASEAN nations.”