Growing Nebraska Through Trade
A common theme when I speak with farmers, ranchers, and manufacturers in Nebraska’s Third District is the importance of trade to their economic success. In fact, 82 percent of Nebraska exporters are small and medium-sized businesses. Opening more markets to Nebraska’s producers, manufacturers, and consumers plays a crucial role in growing our rural economy.
In my role on the House Ways and Means Subcommittee on Trade, I continue to support policies which expand export opportunities for Nebraskans. Next month, I am hosting an event called Growing Nebraska Though Trade to facilitate an in-depth discussion on the impacts of trade agreements and ongoing work to open markets worldwide to rural America. This free seminar will be held on Tuesday, September 22, in Grand Island.
At this event, I will be joined by Ambassador Darci Vetter, Chief Agricultural Negotiator in the Office of the U.S. Trade Representative, Nebraska Department of Agriculture Director Greg Ibach, and numerous other experts to provide diverse, informative perspectives on trade. To view the full agenda and register for the seminar, please visit my website at https://AdrianSmith.house.gov/2015TradeSeminar.
In June, the House passed the Ways and Means Committee’s Trade Priorities and Accountability Act, legislation also known as Trade Promotion Authority or TPA, to give Congress the authority to direct and oversee the administration’s efforts on trade. TPA limits the President’s power while increasing Congress’s role in trade negotiations. It also assures our trading partners when they bring their best offer to the table, the agreement will receive an up or down vote in Congress.
Recent negotiations on the Trans-Pacific Partnership (TPP), a proposed agreement among 12 countries bordering the Pacific Ocean, have demonstrated TPA’s importance. With TPA signed into law, the U.S. has a stronger position at the table to shape the rules of the agreement based on the objectives provided to the Obama administration by Congress.
TPP negotiators have not yet reached an agreement. This contradicts a misconception about TPA giving President Obama the power to automatically finalize trade deals. The President must meet Congress’s objectives in these negotiations. Once an agreement on TPP is reached, it will need to be made public online for 60 days prior to Congress taking a vote on it.
As TPP negotiations continue, other countries are also pursuing their own trade agreements. Earlier this month, the European Union and Vietnam announced they had reached a trade deal to remove nearly all tariffs on goods between their countries. The strong emphasis on trade in the global economy shows the U.S. must be involved in trade negotiations or be left behind.
With more than 96 percent of the world’s customers living outside our borders, trade provides crucial opportunities for Nebraska exporters. Passing TPA was the necessary first step, but now our work on trade negotiations must move forward. I hope you will join me at my trade seminar in September to learn more about the benefits of expanding access to thriving international markets and to share your thoughts about the impacts of trade on Nebraska and our country.