SOCMA Welcomes Introduction of Bipartisan Trade Promotion Authority Legislation

Jan 09, 2014, 16:20 ET from Society of Chemical Manufacturers and Affiliates

TPA a Critical Tool to Support Job Growth in Specialty Chemical Industry

WASHINGTON, Jan. 9, 2014 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) today welcomed bipartisan Trade Promotion Authority (TPA) legislation that, if passed by Congress, would allow trade agreements to bypass the amendment process, fast tracking them to the President's desk for signature. 

U.S. Senators Max Baucus (D-MT) and Orrin Hatch (R-UT) and U.S. Representative Dave Camp (R-MI) introduced identical TPA bills today in their respective chambers. 

"TPA is a critical tool to advance U.S. trade agreements, ensure high-standard outcomes, and support U.S. job growth within highly innovative industries such as specialty chemical manufacturing," said Bill Allmond, SOCMA Vice President of Government and Public Relations. "In a time of continued partisan struggle on Capitol Hill, this TPA legislation represents a bipartisan compromise between House Ways and Means and Senate Finance Committee leaders. It will ensure congressional involvement and accountability during the process and it lays out a timetable for congressional consideration," Allmond said.

"It is necessary to update outdated rules at a time when trade is at the top of the agenda, and we are dealing with new issues and challenges. While Congress can still choose to reject a deal if the concerns are too great, SOCMA is confident that with continued dialogue between industry leaders and Congress, negotiators will be able to conclude a deal that addresses potential concerns," Allmond said.

TPA has been a key component of trade deals since President Franklin Roosevelt in the 1930s. With two significant agreements under negotiation – the Trans-Pacific Partnership and the Trans-Atlantic Trade and Investment Partnership – there is no better time to pass a TPA bill.  These agreements are critical to opening markets, eliminating barriers and establishing rules for trade so the United States remains competitive in the global marketplace. 

The bill text can be found here.

SOCMA is the only U.S.-based trade association dedicated solely to the batch, custom and specialty chemical industry. Since 1921, we have represented a diverse membership of small, medium and large chemical companies, making us the leading authority on this sector. SOCMA has a global membership of 220 companies, which employ more than 46,000 workers in the U.S. alone.

Jennifer Drogus
Senior Manager, PR & Media
(202) 721-4182

SOURCE Society of Chemical Manufacturers and Affiliates