Currently, the United States is involved in negotiating two regional free trade agreements -- one with partners in Europe and one involving Japan, Australia, and nine other nations in the Asia-Pacific -- to help eliminate barriers to U.S. exports, support U.S. jobs, and set rules that level the playing field for American companies, farmers, and workers.
According to the latest data from the International Trade Administration (ITA), the U.S. has set a record $2.34 trillion of goods and services exports in 2014, which supported 11.7 million jobs across the U.S. More importantly, 47% of the current goods the U.S. sells abroad go to current free trade partners. In fact, according to the ITA, U.S. goods exports to countries negotiating the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) with the U.S. accounted for 62% of total U.S. goods exports in 2014, and supported approximately 4.2 million U.S. jobs in 2013.
In order to conclude free trade agreements, Congress has historically established partnerships with the president through a process called Trade Promotion Authority (TPA), which establishes negotiating benchmarks for the U.S. Trade Representative. TPA also establishes the procedural mechanism for Congress to consider a free trade agreement, and lays out high transparency standards that the Administration must meet, including consulting regularly with Congress, the private sector, and the public during negotiations. However, if the benchmarks outlined in TPA are not met and Congress isn't satisfied by the final agreement, both the House of Representatives and the Senate has the full right to reject the final text of any free trade agreement, including the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP).
Supporters of TPA argue it will ensure the conclusion of ongoing free trade agreements under Congress' supervision; therefore, preventing the U.S. from being left behind and hindering job growth. Opponents of TPA argue that negotiations will still lack transparency and Congressional oversight, and that it does not do enough to establish strong trade provisions in free trade agreements.