US Trade Authority: Negotiating Sectoral Agreements with Select Partners.
This Act grants the President authority to negotiate new, sector-specific trade agreements with a limited group of countries (plurilateral agreements). Unlike standard WTO rules, the benefits of these agreements (like tariff reductions) will apply only to the signatories, not all WTO members. The goal is to boost US competitiveness in critical areas like e-commerce, pharmaceuticals, and environmental goods, potentially affecting the cost and availability of these products for consumers.
Key points
The President gains authority to negotiate trade deals where benefits are restricted solely to participating countries, bypassing the traditional Most Favored Nation (MFN) rule.
Negotiations focus on key economic sectors, including digital services, medicines, and environmentally friendly products.
The law aims to revitalize the global trading system by allowing the US to quickly establish high-standard rules with like-minded allies.
Expired
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