On April 16, the Senate Finance Chairman Orrin Hatch (R-Utah), Ranking Member Ron Wyden (D-Ore.) and House Ways and Means Chairman Paul Ryan (R-Wis.) introduced bipartisan Trade Promotion Authority (TPA) legislation ((Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (S-995))).
To see a copy of the full bill and summary, click here. A companion House bill is expected shortly. TPA is the first step necessary to finalize the Trans Pacific Partnership (TPP) (11 countries) and European Union Free Trade Agreement (the Transatlantic Trade and Investment Partnership (TTIP)). According to data from the World Bank, together these two trade agreements would further open markets encompassing nearly 1.3 billion customers and approximately 60 percent of global gross domestic product.
GSP/AGOA/HAITI HOPE EXTENSION
On April 16, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) joined with House Ways and Means Chairman Paul Ryan (R-WI) and Ranking Member Sander Levin (D-MI) introduced trade preference renewal legislation that will include the African Growth and Opportunity Act, the Generalized System of Preferences, and two tariff preference levels for imports from Haiti.
Text of the bill is available here. The bill will renew GSP through 2017 and allow retroactive claims. The African Growth and Opportunity Act (AGOA) will be extended ten years; Haitian Hemispheric Opportunity through Partnership Encouragement Act (Haiti HOPE) will be extended through 2025. Congressman Ryan’s statement is available here.
If you have any questions or need additional information please contact David M. Murphy Partner at GRUNFELD | DESIDERIO | LEBOWITZ SILVERMAN & KLESTADT LLP the firm is a member of the EACCNY.