Trade

Trans-Pacific Partnership trade agreement is reached after long delay

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Stop-TPPIn somewhat of a surprise, after earlier failures to reach an agreement, the U.S. and 11 Pacific Rim nations negotiating the Trans-Pacific Partnership (TPP) trade agreement achieved a preliminary agreement this morning.

So maybe now the public will finally get to learn exactly what is in this “secret” agreement before Congress casts an up or down vote on it early next year.

The congressional debate over TPP is going to add even more turmoil to an already dysfunctional Congress considering a House leadership election, and GOP government shutdown threats over the Federal debt ceiling, Treasury’s Lew Says Congress Must Raise Debt Limit by November 5, and the long-term budget due on December 11.

The New York Times reports, U.S. and Pacific Nations Reach Major Regional Trade Accord:

The United States and 11 other Pacific Rim nations on Monday agreed to the largest regional trade accord in history, a potentially precedent-setting model for global commerce and worker standards that would tie together 40 percent of the world’s economy, from Canada and Chile to Japan and Australia.

The Trans-Pacific Partnership still faces months of debate in Congress and will inject a new flash point into both parties’ presidential contests.

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Talks for Trans-Pacific trade deal deadlock

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Stop-TPPThis is quite unexpected news given the rush in the U.S. Congress earlier this summer for fast track authority to negotiate the Trans-Pacific Partnership trade agreement. Trade negotiators from the United States and 11 other Pacific nations failed to reach a deal on Friday, with talks on the largest regional trade agreement deadlocking over protections for drug companies and access to agriculture markets on both sides of the Pacific. The New York Times reports, In Setback for Obama, Pacific Trade Talks Fail:

Trade ministers, in a joint statement, said late Friday they had made “significant progress” and will return to their home countries to obtain high-level signoffs for a small number of final sticking points on the agreement, the Trans-Pacific Partnership, with bilateral talks reconvening soon.

“There are an enormous number of issues that one works through at these talks, narrowing differences, finding landing zones,” said Michael B. Froman, the United States trade representative. “I am very impressed with the work that has been done. I am gratified by the progress that has been made.”

Still, the breakdown is a setback for the Obama administration, which had promoted the talks here as the final round ahead of an accord that would bind 40 percent of the world’s economy under a new set of rules for commerce.

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U.S. to reestablish diplomatic relations with Cuba

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President Obama today announced that the U.S. is re-establishing diplomatic relations with Cuba. Statement by the President on the Re-Establishment of Diplomatic Relations with Cuba:

us-cuba_relations_300x225_1More than 54 years ago, at the height of the Cold War, the United States closed its embassy in Havana.  Today, I can announce that the United States has agreed to formally re-establish diplomatic relations with the Republic of Cuba, and re-open embassies in our respective countries.  This is a historic step forward in our efforts to normalize relations with the Cuban government and people, and begin a new chapter with our neighbors in the Americas.

When the United States shuttered our embassy in 1961, I don’t think anyone expected that it would be more than half a century before it re-opened.  After all, our nations are separated by only 90 miles, and there are deep bonds of family and friendship between our people.  But there have been very real, profound differences between our governments, and sometimes we allow ourselves to be trapped by a certain way of doing things.

For the United States, that meant clinging to a policy that was not working.  Instead of supporting democracy and opportunity for the Cuban people, our efforts to isolate Cuba despite good intentions increasingly had the opposite effect -– cementing the status quo and isolating the United States from our neighbors in this hemisphere.  The progress that we mark today is yet another demonstration that we don’t have to be imprisoned by the past. When something isn’t working, we can -– and will –- change.

Last December, I announced that the United States and Cuba had decided to take steps to normalize our relationship.  As part of that effort, President Raul Castro and I directed our teams to negotiate the re-establishment of embassies.  Since then, our State Department has worked hard with their Cuban counterparts to achieve that goal.  And later this summer, Secretary Kerry will travel to Havana formally to proudly raise the American flag over our embassy once more.

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Senate sends TPA fast-track bill to President, concluding votes on TAA bill

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It’s all over but the shouting, and the recriminations to come later. The corporate Plutocrats have won. The Hill reports, Senate approves fast-track, sending trade bill to White House:

CorporateFlagThe Senate voted 60-38 Wednesday to approve fast-track authority, securing a big second-term legislative win for President Obama after a months-long struggle. Senate Vote No. 219 (60-38).

Passage of the bill is also a big victory for GOP leaders in Congress, including Senate Majority Leader Mitch McConnell (R-Ky.) and Speaker John Boehner (R-Ohio). The Republican leaders worked closely with an administration they have more frequently opposed to nudge the trade bill over the goal line.

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The Senate is scheduled to vote later Wednesday to end debate on and pass a trailer bill that includes trade preferences for African nations and a workers assistance program known as Trade Adjustment Assistance (TAA).

UPDATE: Senate Vote No. 220 (76-22). This cloture vote sets up the final vote for passage of TAA later today.

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Senate advances fast-track authority towards final passage

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Stop-TPPThe sage of baseball, Yogi Berra, got it exactly right: It ain’t over till it’s over.

Fast-track authorization was defeated in the House and appeared to be dead a couple of weeks ago.

But through cunning repackaging of the bills into separate votes last week, the House passed the Trade Promotion Authority (TPA) bill on reconsideration, and sent it to the Senate.

On Tuesday the Senate sealed a fait accompli. The Hill reports, Senate advances fast-track trade bill for Obama:

The Senate on Tuesday voted to advance President Obama’s trade agenda, approving a measure to end debate on fast-track authority.

The 60-37 motion sets up a vote on final passage on Wednesday. If the Senate approves fast-track or trade promotion authority (TPA), it would then be sent to Obama’s desk to become law.

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