US Senate Finance Committee leaders have sent a letter to President Obama urging him to successfully conclude free trade agreement negotiations on the Trans-Pacific Strategic Economic Partnership (TPP).
In the letter, Senate Finance Committee Chairman Max Baucus and ranking member Sen. Chuck Grassley highlight the need for the United States to promote export-oriented growth, particularly to the Asia-Pacific region. The Senators also note the commercial significance of the TPP, emphasizing the importance of Asia-Pacific markets for American farmers, ranchers, manufacturers and service providers.
“This partnership is a win for American exporters, and a win for American trade policy,” observed Baucus. “As we recover from this great recession, the partnership has the potential to further open new and emerging Asia-Pacific markets to US exports. And it will allow us to build a high-level trade framework in this vital region. I urge the President to negotiate a TPP that works for American farmers, ranchers, service providers and manufacturers.”
"This trade agreement would open new markets for American exporters in an important part of the world,” added Grassley, the ranking Republican on the committee.
“That’s more important than ever as we try to get out of the recession. Trade needs to be part of the economic recovery effort, and finalizing this agreement would send a message to the world that US trade policy is back in business.”
The Trans-Pacific Strategic Economic Partnership Agreement (formerly known as P4) was signed by New Zealand, Chile and Singapore on July 18, 2005 and by Brunei on August 2, 2005, following the conclusion of negotiations in June 2005. On September 22, 2008, comprehensive negotiations for the United States to join the Trans-Pacific Agreement were announced. Australia, Peru and Vietnam also intend to participate in negotiations.
The first round of negotiations was scheduled to take place in March 2009, but has been postponed to allow the US Administration time to conduct a general review of US trade policy.
Earlier in the year, several large multinationals and agricultural associations, including Boeing, Caterpillar, General Electric, Intel and the American Meat Institute, signed a letter to Obama urging him to take the United States into the Trans-Pacific Strategic Economic Partnership negotiations.
They argued that the negotiations would lead to "a new type of agreement" that would facilitate trade and investment, promote the interests of the participating countries in the areas of intellectual property rights, lower technical barriers to trade and provide improved transparency in trade regulations.
"This is, without question, an essential undertaking," they wrote.
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