Obama lets loose new trade regimes

The Trade Promotion Authority (TPA) being signed into law gives the US president more negotiating power in negotiations over free trade agreements (FTAs).

This power will help President Barak Obama to conclude a Trans-Pacific Partnership deal with 11 other nations that is geared at lowering tariffs and trade barriers, and a top economic priority that he wants to see through before leaving office.

Trade Adjustment Assistance, a programme that provides aid to workers displaced by free trade deals, passed shortly afterwards as a separate piece of legislation.

Obama also signed the Trade Preferences Extension Act of 2015, which renews the African Growth and Opportunity Act (Agoa) for 10 years, extends the Hait/HOPE trade programme through 2025 and retroactively updates the renewed Generalised System of Preferences (GSP) programme.

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