WASHINGTON, April 16, 2015 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) today welcomed introduction of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015) that will renew and modernize Trade Promotion Authority (TPA). This legislation is a crucial step in finalizing ongoing free trade agreements, such as the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP).
"SOCMA applauds the work of Senate Finance Chairman Orrin Hatch and Ranking Member Ron Wyden, as well as Ways and Means Chairman Paul Ryan, for their persistence in working toward a Trade Promotion Authority bill that addresses outstanding concerns raised by members of Congress," said William E. Allmond, SOCMA Vice President of Government and Public Relations. "We encourage the Senate to move quickly to pass this bill so U.S. businesses can reap the benefits that will not only boost the economy but support well-paying U.S. jobs and help our members remain globally competitive."
Statistics show that trade across the globe has been below average due in large part to barriers free trade agreements like TPP and TTIP would reduce or remove. Passage of TPA will not only create a path for passage of agreements that would increase trade but also ensure that it remains the engine that moves the global economy.
New TPA legislation includes enhanced procedures to ensure congressional oversight and public input on U.S. trade negotiations. It also gives negotiating partners the confidence needed to finish these trade agreements. Other highlights include significant improvements in the areas of non-tariff barriers to U.S. goods and services, digital commerce, restrictions on cross-border data flow, fair competition with state-owned enterprises, and labor and environmental standards.
SOCMA is also asking that the Miscellaneous Tariff Bill (MTB), which has gone more than two years without passage, be considered concurrently with TPA. The MTB is crucial for SOCMA member companies and manufacturers of all sizes who face higher tariffs on inputs not otherwise available in the U.S. The MTB also supports U.S. jobs and allows our members to reinvest in innovative businesses.
SOCMA looks forward to working with members of the House and Senate towards successful passage of TPA.
SOCMA is the only U.S.-based trade association dedicated solely to the specialty chemical industry. www.socma.com.
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SOURCE Society of Chemical Manufacturers and Affiliates