TPP Awaiting Obama’s Signature

Legislation key to US President Barack Obama’s trade agenda has been approved by the US Senate, just two weeks after it appeared to have failed.

The bill known as the Trade Promotion Authority (TPA), or more commonly “fast-track”, makes it easier for presidents to negotiate trade deals.

Supporters see it as critical to the success of a 12-nation trade deal known as the Trans-Pacific Partnership (TPP).

The 60-38 vote was the product of rare Republican-White House collaboration.
The bill now awaits Mr Obama’s signature.

The authority means that Congress may only vote up or down on finalised trade agreements, not amend them.

The Obama administration and many business organisations say the legislation is necessary so that trade negotiators can win lower trade barriers for US-made goods on international markets.

This fast-track bill brings the president a step closer to concluding the TPP deal with 11 other nations to remove or reduce barriers to trade and foreign investment.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza