Agricultural Economics Department

 

Date of this Version

March 2004

Comments

Published in Cornhusker Economics, 03/03/2004. Produced by the Cooperative Extension, Institute of Agriculture and Natural Resources, Department of Agricultural Economics, University of Nebraska–Lincoln.
http://www.agecon.unl.edu/Cornhuskereconomics.html

Abstract

In 2002, The U.S. Congress passed legislation giving the executive branch of the government authorization to participate in international trade negotiations. Trade Promotion Authority (previously known as “Fast Track Negotiating Authority”) stipulates that ratification of trade agreements negotiated by the office of the U.S. Trade Representative will be voted either up or down with no amendments by Congress which, under the U.S. Constitution, is the body empowered to enter into foreign treaties and agreements. Trade Promotion Authority was allowed to lapse in 1994 after completion of the North American Free Trade Agreement (NAFTA) and the Uruguay Round Agreement of the World Trade Organization (WTO).

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