Conclusion of Negotiations on Trade Pacific-Partnership is Only One Step

This week marked the conclusion of negotiations on a historic trade agreement. The Trans-Pacific Partnership (TPP) has the potential to open many leading global markets to Nebraska agriculture, but it is important we review all the details before determining whether this agreement should become law.

TPP is an agreement between the United States and 11 other countries on the Pacific Rim: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together, these countries represent nearly 40 percent of the world’s gross domestic product (GDP) and one-third of all world trade. In Nebraska, more than 107,000 jobs depend on trade with these TPP countries.

America’s farmers and ranchers are among the most productive and efficient in the world. The robust economies encompassed by TPP present great opportunity for producers in Nebraska’s Third District – the number one agriculture district in the United States – to help feed much more of the growing global population.

Though I am encouraged negotiations have concluded on this agreement, it is crucial we now engage in extensive review. Congress passed the Trade Priorities and Accountability Act, also known as Trade Promotion Authority or TPA, in June, which established a process for scrutiny and congressional oversight. Because TPA is already in place, President Obama cannot simply bypass Congress and the American people and sign TPP into effect.

Under TPA, the agreement must be posted online for at least 60 days to allow the public to review it. After the agreement is officially sent to Congress, many additional legislative deadlines must be met before it can be given an up or down vote.

During this time, TPA allows Congress to change the timelines or stop the agreement altogether if necessary. Even if the process moves as quickly as possible, TPP will likely not come to the House floor until March 2016 at the earliest. It is vital we take this time to review the agreement in full and listen to the views of stakeholders.

I will be carefully reviewing the details of TPP. Since joining the Ways and Means Committee and its Subcommittee on Trade, I have consistently advocated for a strong TPP which lowers both tariffs and sanitary and phytosanitary (SPS) barriers which artificially restrict access to Nebraska products. One of the first aspects I will examine is how this agreement would change our trade policy with Japan to lower barriers for Nebraska agriculture products in one of the world’s largest economies. I will also focus on whether this agreement will correct trade imbalances and establish enforceable standards to ensure Nebraska products are treated fairly in the TPP countries. Most importantly, I look forward to hearing from Nebraska producers and consumers.

The conclusion of negotiations is only one step in this process, and I anticipate a healthy debate in the coming months to determine whether this agreement is in the best interest of our country. I hope TPP is a strong agreement which I can support and can be enacted into law by the House and Senate.