Third Way Support of Trade Promotion Authority

Statement by Gabe Horwitz, Director of the Economic Program:

We applaud Congressional leaders for coming together to introduce the Bipartisan Congressional Trade Promotion Act of 2014. As we position our country for growth in a new, 21st Century economy, the stakes could not be higher. In 2020 alone, leading Asia-Pacific economies will import almost $10 trillion in goods, according to Third Way estimates—offering significant new opportunities for American exporters and workers.

But that prize is not guaranteed. For example, within the next 20 years, the Asia Pacific region will need 12,820 new airplanes, valued at $1.9 trillion. The question is who will build them? The U.S. has lost more market share in Asia than any of our major trade competitors in the region. While other countries have kicked down barriers to their exports, we have been slow to form trade agreements even though it would benefit U.S. industries and create middle class jobs.

Advancing trade promotion authority is a critical tool to open foreign doors to U.S. exports—unlocking opportunities for American goods and service producers. It will also allow the U.S. to write fair and accountable trade rules that allow us to grow and prosper in this century. But this won’t be possible without the procedural tool that policymakers can use to get trade deals done. We are pleased to see a bipartisan introduction of this critical legislation.