Fast Track Agreement

By stancutler,

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As of 2013, the majority of U.S. free trade agreements have been implemented as agreements between Congress and the executive branch. [16] Unlike treaties, such agreements require a majority of the House of Representatives and the Senate. [16] Under the Trade Promotion Authority (TPA), established by the Trade Act of 1974 and renewed by the Trade Act of 2002, Congress authorizes the President to negotiate “free trade agreements.” if they are approved by both houses in a draft law of public law and other legal conditions are met. [16] This power expired in 2007 (with the exception of agreements already under negotiation). Although it technically expired in July 2007, it remained in force until their adoption in 2011 for agreements already under negotiation. The following year, the Obama administration worked to renew the TPA, and in June 2015, Congress passed and was signed by the president. [1] Known as the Trade Preferences Extension Act of 2015, the Obama administration`s legislation has “increased the power to negotiate important trade agreements with Asia and Europe.” [2] As soon as the negotiations are completed and the President has signed them, Congress and the government would begin a period of in-depth discussions on law-making. This process, which reflects the increasing complexity of trade agreements, has involved an increasing number of jurisdictional committees and interested members of Congress. The President must explain precisely how he intends to use his existing regulatory authority to implement the agreement. .

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