Part of what makes the United States special is our ability to innovate, to stay on the cutting edge in a world that is constantly changing. By being unafraid to embrace bold, new opportunities, America has solidified its place as a world leader in the global marketplace. However, as the world continues to evolve and change, now is not the time to sit on the sidelines. We must continue to find ways to lead.
One of the best ways to lead globally is through trade. The reality is that more trade means new opportunities for American businesses to sell their goods and services. Ninety-six percent of the world’s consumers – representing 80 percent of the world’s purchasing power – live in other countries. To be able to continue to grow and create a healthy economy in America, U.S. businesses must be able to reach these potential customers. That means lowering barriers that block American goods and services from untapped and under-utilized markets.
What does reaching these markets mean for hardworking Americans? It means a healthier economy and more family-wage jobs. One in five American jobs is supported by trade and those jobs pay 18 percent higher on average. Embracing trade opportunities means bigger paychecks that make it easier for families to pay the mortgage, save for their children’s college education, and put extra money away for retirement – something we can all get behind.
Two potential trade deals are being negotiated to increase access to overseas markets for American goods and services. The first, which focuses on Asia, is being negotiated with 11 other nations along the Pacific Rim and offers a tremendous opportunity for U.S. businesses to sell their products in emerging markets. At the same time, negotiations are under way with the European Union to lower trade barriers that often make it difficult for American farmers, ranchers, manufacturers, and businesses to get their goods and services to market in European countries.
But, in order for our negotiators to strike the best deal for the United States, it’s vital that Congress pass Trade Promotion Authority (TPA). TPA gives Congress a meaningful role in any potential trade deal by laying out nearly 150 priorities for trade negotiations, including IP protections, digital trade provisions, and addressing currency manipulation.
TPA also ensures that any deal will be transparent and accountable to Congress and the public. Trade Promotion Authority lets our trading partners know that a potential deal can’t be changed or altered by Congress after our negotiators finalize a deal. Without this assurance, other countries will have no incentive to put their best offer on the table – and American businesses and workers deserve the best deal available to ensure a level playing field. Ultimately, Congress will have the final say in any potential trade deal through an up or down vote, as is constitutionally required.
In a world that continues to grow and change, we have to ask ourselves, “Who do we want writing the rules in the global marketplace?” China has made its interest clear in pursuing a path where they set the standards and are able to exert their influence. Since 2002, 48 trade deals have been negotiated in Asia, with the United States only being party to two of them. Since that time, our share of exports to the region has declined by 42 percent.
If we fail to act now, the rules of the game may be set by other countries, and not to the benefit of hardworking Americans. By passing TPA, we can make sure that everybody plays by the same rules and that everybody wins.
