House Republicans push for Bush trade renewal
Reuters
House Republicans push for Bush trade renewal
28 June 2007
WASHINGTON (Reuters) - U.S. House of Representatives Republicans sought a broad renewal on Thursday of the Bush administration’s "fast track" trade authority to conclude world trade talks and smaller bilateral deals.
"Without trade promotion authority, countries won’t come to the negotiating table and we risk losing market share around the world," said Rep. Wally Herger, a California Republican.
Trade promotion authority, also known as "fast track" trade legislation, allows the White House to negotiate trade deals that Congress must approve or reject without making changes. Trade bills otherwise risk getting bogged down by amendments.
Since winning the authority in 2002, the White House has negotiated trade deals with Singapore, Chile, Australia, Morocco, Bahrain, Oman, the Dominican Republic and several countries in Central America.
The United States and Panama signed a free trade agreement on Thursday with only a few days to spare before key U.S. legislation expires on Saturday.
It also hopes to win congressional approval of pacts with Colombia, Peru and South Korea before President George W. Bush leaves office in January 2009. That task became more difficult after Republicans lost control of Congress last year.
Many Democrats, who blame trade deals for job losses in the United States, have been eagerly awaiting the day that trade promotion authority expires.
But Louisiana Rep. Jim McCrery, the top Republican on the House Ways and Means Committee, said the expiration of trade promotion authority "was not a cause for celebration."
Trade deals expand U.S. exports, help reduce the U.S. trade deficit and cut costs for U.S. businesses and consumers through cheaper imports, McCrery said.
Key Democrats — including Ways and Means Committee Chairman Charles Rangel of New York and Senate Finance Committee Max Baucus of Montana — have been waiting for a breakthrough in the Doha round of world trade talks to help overcome opposition in their own party for renewing trade promotion authority.
However, a major setback in those talks last week has renewed doubts that a new world trade deal can be reached.
After fast track last expired in 1994, it was eight years before Congress renewed it again.
McCrery said he hoped Republicans would be able to work with Democrats to prevent another long lapse.
