Chemical Industry Hails Passage Of Key Trade Bill

The Senate’s passage of legislation last week giving President Barack Obama enhanced authority to negotiate international trade agreements will benefit U.S. chemical manufacturers in the years ahead, industry officials say. The Senate voted 60-38 in favor of trade promotion authority (TPA) legislation, which will allow the White House to submit completed trade deals to Congress for up-or-down votes without any amendments. “The rest of the world continues to negotiate agreements that open doors for their companies, and the U.S. needs to do the same,” says William E. Allmond IV of the Society of Chemical Manufacturers & Affiliates, a trade group that represents specialty chemical companies. “These agreements allow our U.S. manufacturers to compete globally.” Obama wants to use the expedited process to conclude talks on the Trans-Pacific Partnership, a trade deal the White House is negotiating with 11 other nations, mostly on the Pacific Rim. The process will also help Obama advance a trade agreement with the European Union, the Transatlantic Trade & Investment Partnership, which is in an earlier stage of negotiations.