US Trade Representative Michael Froman urged the nation’s Congress toback free trade agreements currently under negotiation with AsianPacific and European partners on January 27.
Speaking athearings with the Senate and House finance committees, Froman said alongwith the Trans-Pacific Partnership (TPP) Agreement with 11 Asiancountries, the Obama administration is engaged in negotiation for theTrans-Atlantic Trade and Investment Partnership (TTIP) with the EuropeanUnion.
If the two agreements are formalised, they will grant USenterprises access to the two most important markets for the US in the21st century, said the top trade official.
He added that theagreements would not only promote local goods and services, generatemore jobs, and improve income for US employees, but also contribute toinitiatives in intellectual property, environmental protection, digitaltrade, and employee rights protection.
Representative Fromansaid the administration is looking to lawmakers to pass bipartisanlegislation streamlining approval processes for trade agreements,including the extension of fast-track negotiation right to the Obamaadministration.
The hearings took place as TPP negotiatorsfrom the US and 11 another countries are holding a series ofconsultation meetings in New York.
The TPPnegotiations started in 2005, participated by Australia, Brunei, Canada,Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US,and Vietnam.
Once signed, the agreement will designate afree trade area serving a population of 800 million, accounting fornearly 40 percent of the world economic output.-VNA
Speaking athearings with the Senate and House finance committees, Froman said alongwith the Trans-Pacific Partnership (TPP) Agreement with 11 Asiancountries, the Obama administration is engaged in negotiation for theTrans-Atlantic Trade and Investment Partnership (TTIP) with the EuropeanUnion.
If the two agreements are formalised, they will grant USenterprises access to the two most important markets for the US in the21st century, said the top trade official.
He added that theagreements would not only promote local goods and services, generatemore jobs, and improve income for US employees, but also contribute toinitiatives in intellectual property, environmental protection, digitaltrade, and employee rights protection.
Representative Fromansaid the administration is looking to lawmakers to pass bipartisanlegislation streamlining approval processes for trade agreements,including the extension of fast-track negotiation right to the Obamaadministration.
The hearings took place as TPP negotiatorsfrom the US and 11 another countries are holding a series ofconsultation meetings in New York.
The TPPnegotiations started in 2005, participated by Australia, Brunei, Canada,Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US,and Vietnam.
Once signed, the agreement will designate afree trade area serving a population of 800 million, accounting fornearly 40 percent of the world economic output.-VNA
