During the Chamber's ACCESS Washington, D.C. trip to our nation’s capital in March, increasing American exports through international trade was a high priority for the 190 representatives of business, government and the non-profit sector. Increasing exports gained momentum last Thursday when a compromise proposal to give President Obama Trade Promotion Authority was announced by key leaders in the U.S. Senate and House of Representatives.
Senator Orrin Hatch of Utah, the Senate Finance Committee Chairman, Senator Ron Wyden of Oregon, the Finance Committee's ranking Democrat and Representative Paul Ryan of Wisconsin, Chairman of the House Ways and Means Committee, announced a bi-partisan compromise that was welcomed by President Obama. If Congress agrees with the compromise and gives President Obama and his successors Trade Promotion Authority, the chances of final approval for two new trade agreements with nations in Asia and Europe will be greatly enhanced.
The U.S. Trade Representative, under the direction of Ambassador Michael Froman, who spoke to the ACCESS Washington, D.C. delegation during a White House Briefing, is currently negotiating trade agreements with 12 Asian nations, plus Canada and Mexico (Trans-Pacific Partnership); as well as 28 European nations (Trans-Atlantic Trade and Investment Partnership). These two agreements would dramatically increase the number of countries with lower tariffs and trade barriers for U.S. exporters. Some of the many industries that are expected to benefit from increased exports and create more American jobs include agriculture, technology and aircraft manufacturing suppliers, all industry groups that are very prominent in California.
California's Congressional delegation, the largest in the nation, will play a major role in delivering the votes needed to pass Trade Promotion Authority and create new, export-related jobs in Los Angeles County and the State of California. The Chamber recently joined more than 40 business organizations from across California in signing a multi-industry letter weighing in on behalf of TPA, and we will continue to reach out to our delegation to urge their support. We encourage you to do the same. America should not be left behind in the global economy. New jobs for your friends and neighbors in California are at stake.
And that's The Business Perspective.
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