For more than 30 years, Congress has enacted Trade Promotion Authority (TPA) laws to guide Democratic and Republican governments in pursuing trade agreements that support U.S. jobs, remove barriers in foreign markets, and establish rules to end unfair trade. While almost all states that have adopted VPA laws impose the above requirements with respect to administrative service agreements, there are a number of states that also have positive requirements to submit agreements with national insurance regulators or report the existence of such agreements to regulators within the prescribed time frame. In order to help our TPA and insurance customers worldwide comply with all TPA laws, in accordance with national insurance legislation, we have created a national regulatory supplement that contains the prescribed legal provisions. We know that exports support American jobs. And we know that U.S. trade agreements support these employment-supporting exports: our agreements with only 20 partners support 46% of our country`s merchandise exports as a whole. In fact, exports have been one-third of U.S. growth since 2009. The trade agreements we are working on – T-TIP and TPP – account for 65% of world trade in goods and services, and would account for 69 per cent of U.S. goods exports.
The TPA will help implement these agreements and support U.S. jobs. Each state has its own rules for certifying and licensing TPAs. Some states require TPAs to submit copies of their agreements to provide services to insurance companies in the state insurance division. Since 1974, Congress has enacted VPA laws that define the objectives and priorities of U.S. trade agreement negotiations and define consultation and notification obligations for the President that will be followed throughout the negotiation process. At the end of the negotiation and consultation process, Congress gives the agreement an up or down vote, without amendment. The TPA reaffirms the constitutional role of Congress in the development and oversight of U.S. trade policy. 2. The TPA sets out the requirements of Congress for administration, alerting and consultation with Congress, the private sector and other stakeholders and the public during trade agreement negotiations. On the TPA, Congress outlines the high-level objectives and priorities that U.S.
negotiators must pursue in trade agreements, a process that helps reach consensus on U.S. trade policy. Up to 250 trade agreements between other countries are in force and many more are being negotiated. While these agreements do not have high standards, global trade agreements that the United States negotiates, foreign companies have better access to those markets and cheaper, putting American workers, businesses and farmers at a relative disadvantage. Indeed, China and Europe are currently negotiating agreements with other Asia-Pacific partners that could supplant the United States.