Legislation to grant President Obama trade promotion authority was introduced Thursday by Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Orrin Hatch (R-Utah), as well as Ways and Means Committee Chairman Dave Camp (R-Mich) in the House of Representatives.
The legislation aims to renew the authority for up to seven years, giving the administration and trade negotiators the ability to accelerate and implement several large free trade agreements, such as the Transpacific Partnership and the Transatlantic Trade and Investment Partnership that are currently being negotiated.
Trade promotion authority was last renewed in 2002 and expired in 2007.
The United States is the world’s largest wheat exporter, exporting about half wheat grown in the U.S. abroad.