Senate Finance Committee Chairman Orrin Hatch (R-Utah) issued the following statement after the U.S. International Trade Commission (USITC) released its economic impact report on the Trans-Pacific Partnership (TPP) trade agreement, a 12-nation trade pact that, if fully implemented and enforced, would benefit U.S. producers and consumers:
“The Trans-Pacific Partnership (TPP) trade agreement has the potential to yield significant economic benefits for American manufacturers, farmers, ranchers, and entrepreneurs. The details of this report must be studied closely so that we have a clear understanding of what TPP will mean for the American economy. Of course, full and faithful implementation of the agreement by our trading partners is necessary for the benefits of TPP to be realized and for the agreement to gain the strong bipartisan support necessary for its approval by Congress.
“The implementation of a strong TPP that meets the high standards set by bipartisan Trade Promotion Authority remains a priority. However, the agreement’s success hinges on a strong and honest partnership between Congress and the administration. As Congress continues to undertake a rigorous review of the TPP, I’m hopeful that the Obama Administration will work actively with members to resolve outstanding substantive and implementation concerns. We have a real opportunity to deliver a pro-growth trade agreement that will expand the economy, promote job growth, and provide better paychecks for more Americans. But, again, this is a once-in-a-lifetime opportunity, and we have to make sure that we get it right.”
NOTE:A longtime advocate of breaking down trade barriers,Hatch has championed efforts to enhance America’s global competitiveness and increase access for American farmers, workers, and job-creators into international markets. As the top Republican on the Senate Finance Committee, Hatch successfullyworked to enact trade agreements with Colombia, Panama, and South Korea. He has long fought to promote adequate intellectual property (IP) standards within international trade agreements and spearheaded efforts in Congress to enact bipartisan Trade Promotion Authority (TPA) to help open more markets for U.S. exports and ensure that American businesses can compete successfully in the 21st century global economy.