VACC believes that this bipartisan collaboration will advance with a final Senate vote to be signed into law by President Obama.
The TPA is an essential step for U.S. business’ abilities to engage the dynamic economies of ASEAN and other U.S. global trading partners over the coming decades. TPA must be in place to successfully conclude a high-standard Trade Promotion (TPP). The vote for cloture on TPA brings the TPP negotiations closer to conclusion.
“U.S. partners in the TPP are some of the most attractive export destinations for U.S businesses, said Tinh Phan, VACC Chairman. “TPA will help the U.S to conclude a successful TPP, an agreement which includes almost half of the global GDP. TPP is a key element for American economic growth, job creation, and our A.S.E.A.N global market position.
The TPA legislation voted on Tuesday June 23, 2015 includes many forward-thinking U.S. trade negotiating criteria such as localization practices, digital data management, and state-owned enterprises issues.
The vote for cloture on TPA – like the TPP – will benefit American businesses in other multilateral trade and investment negotiations such as the Transatlantic Trade and Investment Partnership (TTIP). When concluded and combined with the TPP, these agreements will place the U.S in best possible global market position to further engage trading partners.