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Fast Track Timeline
First 150 yrs. of the U.S.
Congress exercised its authority
over foreign trade by setting tariff rates on all imported products. The
President’s main role was to employ and collect the tariffs set by Congress
and to establish bilateral treaties of friendship with other nations.
1934
Congress passes the Reciprocal
Trade Agreements Act (RTAA) of 1934.
1948
The
General Agreement on Trade and Tariffs (GATT) is established.
1974
Congress passes Fast Track authority under the Trade Act of 1974.
1994
NAFTA is passed under Fast Track.
WTO is created to replace GATT under Fast Track.
Fast Track expires on April 16, 1994.
1998
The House votes on Fast Track renewal legislation, but the bill fails to pass
(180-243).
1999
US-China Permanent Normal Trade Relations (PNTR) is
established without Fast Track.
2001
US-Jordan FTA is passed without Fast Track.
2002
Fast Track authority is renewed under the new title “Trade Promotion
Authority” (TPA) to avoid negative connotations associated with “Fast
Track”.
2007
April 2nd – Deadline for signing a prospective trade agreement if it is to
be passed under Fast Track.
July 1st – Fast Track expires. |
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The Act
stemmed from the belief that high tariffs had caused the Great Depression.
It authorized the President to negotiate reciprocal agreements that reduced
tariffs within pre-approved levels. The President was not required to notify
Congress before or during negotiations, nor was any specific legislation in
place to implement the subsequent agreements. This was the first time
Congress delegated major trade negotiating authority to the president.
Trade negotiations shift from bilateral to
multilateral negotiations and expand beyond tariffs.
The
President is granted the authority to negotiate trade agreements that
Congress can approve or disapprove but cannot amend. The President also
chooses the trade partners with whom he would negotiate and the agenda of
the talks. Congress is allotted 90 days to review prospective trade
agreements.
China agrees to reduce trade barriers after
joining the WTO. The U.S. agrees to support China’s entry into the WTO.
The structure of TPA is consistent with the previous
Fast Track negotiating authority. It includes environmental and labor
provisions as “principal negotiating objectives,” but does not mandate the
inclusion of minimal enforceable labor standards in trade agreements.
Pending FTAs: Peru, Colombia, South Korea,
Panama.
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