AIA Statement on Trade Promotion Authority Legislation

News provided by

American Insurance Association

Apr 16, 2015, 18:50 ET

WASHINGTON, D.C. (PRWEB) April 16, 2015 -- Stephen Simchak, director of international affairs for the American Insurance Association (AIA) issued a statement today welcoming the introduction of The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015). The legislation, sponsored by Senators Orrin Hatch (R-UT) and Ron Wyden (D-OR), and Congressman Paul Ryan (R-WI), outlines the congressional ratification procedures for the consideration of completed trade agreements. Under the legislation, Congress would agree to take a straight up-or-down vote on trade agreements that the Administration has negotiated. It also lists Congress' priorities for trade agreements and requires the Administration to consult with Congress throughout such negotiations. Trade Promotion Authority (TPA) last expired in 2007.

Mr. Simchak's statement follows:

“Trade Promotion Authority will be essential for the ratification of the Trans Pacific Partnership (TPP), the Trade in Services Agreement (TiSA), and the Transatlantic Trade and Investment Partnership (TTIP) when they are completed. TPA empowers Congress by ensuring that members of Congress set clear negotiating priorities for the Administration and consulted with during negotiations."

“TPA is also important for giving our trading partners at the negotiating table the confidence necessary to make their best offers because they will know that the Administration can get a good agreement ratified. We need TPA to make sure that U.S. insurers are getting the best deal possible."

“The U.S. insurance industry has benefited immensely from past trade agreements, and those currently under negotiation will go even further to ensure that U.S. insurers are able to compete internationally on a level playing field. AIA looks forward to continuing to work with the U.S. Trade Representative and congressional leaders to support passage of TPA.”

Ben Tomchik, American Insurance Association, http://www.aiadc.org/aiapub/, +1 2028287129, [email protected]