CNBC just named Iowa the no. 10 state in the country for doing business. A good place to do business means good jobs. A big part of the Iowa business climate includes exports. Many of our jobs are supported by exports, and they’re good-paying as a result.
The Senate just gave final approval to reinstating the process of Trade Promotion Authority. This process gives the executive branch objectives for the areas of trade expansion Congress wants to see in new trade agreements between the United States and partners worldwide.
Congress has the constitutional authority over commerce, but as a practical matter, 535 members of Congress can’t negotiate with other countries. Congress can designate the executive branch to do that for us. Under Trade Promotion Authority, a strict process governs how the executive branch presents a completed trade agreement to Congress. The process gives the United States credibility at the negotiating table. Potential trading partners know a completed trade agreement will receive an up or down vote in Congress. The process also ensures public access to any completed trade agreement before Congress votes on it.
Members of the public have expressed concern that Congress will vote on the Trans-Pacific Partnership without Congress or the public having read it or without knowing what’s in it. That isn’t the case. There’s no agreement yet on the Trans-Pacific Partnership, so there’s no final document to review. Under Trade Promotion Authority, when there is a final document, we’ll all be able to review it. Then Congress will vote it up or down. If we don’t like what’s in it, we should vote no. I won’t vote for any agreement that would be detrimental to Iowa.
The point of trade agreements is to create opportunities that support jobs in the United States. The Trans-Pacific Partnership, in concept, would benefit Iowa and its many export-dependent jobs.
Almost 40 percent of the world’s Gross Domestic Product is from the 12 countries participating in the negotiations. Participating countries collectively will add billions of people to their middle class in the next several years. The trade agreement would allow those individuals to buy more products from Iowa and the rest of the United States. Iowa produces everything from farm commodities to heavy machinery to financial services. Emerging markets should have access to what Iowans produce, to the benefit of Iowans.