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| Rep Adrian Smith |
International trade is a critical factor in the success of Nebraska producers, manufacturers, and consumers. Expanding trade and opening new markets for American goods and products benefits our economy and has proven to be an area of bipartisan agreement
We have made substantial progress in recent years in removing barriers to trade, but there is much work to be done. Last year, trade agreements with Colombia, South Korea, and Panama went into effect, and Nebraskans are already seeing the benefits. We are in the early stages of negotiating the Transatlantic Trade and Investment Partnership (TTIP) with the European Union, which the President announced earlier this year.
We are also moving forward with negotiating the Trans-Pacific Partnership (TPP), a proposed trade agreement between the United States, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together these nations represent a market of nearly 800 million people and a combined GDP of $27.5 trillion, or about 40 percent of the global economy.
TPP would help strengthen existing investment relationships and create new opportunities. Nearly half of all Nebraska exports already are bound for TPP counties, and more than 100,000 jobs in Nebraska are supported by trade with these nations. More than 100 companies based in TPP countries have investments in Nebraska.
Last week, TPP negotiators met in Salt Lake City. Progress is being reported and another round of talks is scheduled for next month in Singapore. I am hopeful the negotiations will conclude in the near future and we will have an agreement which can be accepted by Congress and by the other 11 nations.
Congress could approve Trade Promotion Authority (TPA) to maintain Congressional authority and put forward a framework for negotiations. TPA, which was last reauthorized in 2002, gives the U.S. leverage in negotiations by incentivizing every country to come to the table with their best offer. Congress approved the previously mentioned agreements with Colombia, South Korea, and Panama under a previous TPA which is now expired. The global marketplace has changed dramatically since 2002, and our negotiation tactics must change with it.
As a member of the Committee on Ways and Means Trade Subcommittee and the Friends of the Trans-Pacific Partnership Caucus, I am committed to getting Nebraska products fair treatment in the international market. We must continue to address tariff and non-tariff barriers and promote enforceable, science-based regulatory systems.
The rest of the world is not waiting for the United States to strike high level trade deals. At a time when our economy is still struggling, expanding trade and boosting exports is one of the few issues where Republicans and Democrats have found common ground. I hope we will not miss this opportunity to boost our economy, create jobs, and benefit consumers at home and abroad.
We have made substantial progress in recent years in removing barriers to trade, but there is much work to be done. Last year, trade agreements with Colombia, South Korea, and Panama went into effect, and Nebraskans are already seeing the benefits. We are in the early stages of negotiating the Transatlantic Trade and Investment Partnership (TTIP) with the European Union, which the President announced earlier this year.
We are also moving forward with negotiating the Trans-Pacific Partnership (TPP), a proposed trade agreement between the United States, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together these nations represent a market of nearly 800 million people and a combined GDP of $27.5 trillion, or about 40 percent of the global economy.
TPP would help strengthen existing investment relationships and create new opportunities. Nearly half of all Nebraska exports already are bound for TPP counties, and more than 100,000 jobs in Nebraska are supported by trade with these nations. More than 100 companies based in TPP countries have investments in Nebraska.
Last week, TPP negotiators met in Salt Lake City. Progress is being reported and another round of talks is scheduled for next month in Singapore. I am hopeful the negotiations will conclude in the near future and we will have an agreement which can be accepted by Congress and by the other 11 nations.
Congress could approve Trade Promotion Authority (TPA) to maintain Congressional authority and put forward a framework for negotiations. TPA, which was last reauthorized in 2002, gives the U.S. leverage in negotiations by incentivizing every country to come to the table with their best offer. Congress approved the previously mentioned agreements with Colombia, South Korea, and Panama under a previous TPA which is now expired. The global marketplace has changed dramatically since 2002, and our negotiation tactics must change with it.
As a member of the Committee on Ways and Means Trade Subcommittee and the Friends of the Trans-Pacific Partnership Caucus, I am committed to getting Nebraska products fair treatment in the international market. We must continue to address tariff and non-tariff barriers and promote enforceable, science-based regulatory systems.
The rest of the world is not waiting for the United States to strike high level trade deals. At a time when our economy is still struggling, expanding trade and boosting exports is one of the few issues where Republicans and Democrats have found common ground. I hope we will not miss this opportunity to boost our economy, create jobs, and benefit consumers at home and abroad.
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