Industry groups applauded the Senate committee's announcement.
“This is a critical step in the right direction,” said American Soybean Association President Alan Kemper. “We call on Congress and the administration to quickly advance these trade agreements in order to boost our economy.”
Passage of these three trade agreements combined represents nearly $3 billion of additional agriculture exports to these trading partners.
The finance committee will consider the draft implementing bills during the mock markup because Congress cannot offer amendments to the final implementing bills submitted by the administration under the Trade Promotion Authority Act — also known as “fast track” — procedures.
Following administration review of any amendments that the Senate Finance and House Ways and Means committees approve on the draft implementing bills, final versions of the implementing bills will be submitted to Congress for an up-or-down vote.
'Approving these agreements as soon as possible will provide a big boost to our economy as we seek to ensure sustained growth and a jobs-based recovery,' said Peter M. Robinson, president and chief executive officer of the U.S. Council for International Business. 'We need the tools to compete and win in the world economy.'
The draft implementing bill for the Korea FTA will also include an extension of Trade Adjustment Assistance.
'TAA is critical to ensuring that U.S. workers adversely affected by trade receive benefits and acquire new skills, allowing them to re-enter the workforce,' said Bill Reinsch, National Foreign Trade Council president. 'Before the 2009 version of the program expired, thousands of workers benefited from this program.'
