On September 16, President Clinton finally introduced his legislative proposal for renewing fast track authority to negotiate trade agreements. This authority, which expired in 1994, would allow the president to negotiate trade pacts that Congress must approve or disapprove by a simple up or down vote. Therefore, members of Congress and the special interests who attempt to influence them could not amend trade agreements during the legislative process. Renewal of fast track is crucial because the administration could negotiate agreements that lower trade barriers in a manner benefiting the United States as a whole, not just certain groups, regions, or businesses.
Trade leads to prosperity.
At the same time, Americans must remember that imports have benefits as well. In addition to improving our standard of living through a greater choice of goods and services and increased purchasing power, imports create high-skilled jobs in domestic sectors such as transportation, retail sales, distribution, and finance. Because of this, the U.S. needs to continue pursuing policies that promote trade. Renewing fast track authority thereby facilitating the trade negotiation process is one way to ensure that the level of trade enjoyed by our economy continues to rise. If fast track authority is renewed, the president is expected to use it to complete negotiations that for the most part have already been scheduled in prior international trade agreements.