Washington, DC. With Democratic support, the Senate has agreed to give President Obama fast-track negotiating authority to wrap up a 12-nation Pacific Rim agreement and complete a second deal with the European Union.
SEMI announced it applauds the work of the Administration and Congressional leadership to get this legislation across the finish line, adding that TPA will help establish concrete rules for international commerce and boost exports for vital U.S. industries.
U.S. semiconductor and equipment and materials companies export nearly 80% of their products to foreign markets. Passage of TPA will be a key factor for industry growth in the coming years as the U.S. looks to finalize negotiations on both the Trans-Pacific Partnership and the Trans-Atlantic Trade and Investment Partnership.
SEMI said TPA is a longstanding and proven partnership between Congress and the executive branch that facilitates negotiation and approval of such trade agreements. SEMI added that it commends this bipartisan approach to level the playing field for U.S. companies engaged in the global marketplace.
