The U.S. Senate last night by “unanimous consent” approved an eight-months extension of the Andean Trade Preferences Act (ATPA) for all four beneficiary countries (Bolivia, Colombia, Ecuador and Peru). The Senate action followed by one day the House approval, which we reported yesterday.
The bill now goes to the President for signature. So long as he signs the bill before midnight tomorrow, June 30, the ATPA will be extended without a lapse until February 29, 2008. (there is little if any doubt that this will in fact be done).
Counsel wishes to congratulate and applaud the Association for another important legislative victory, and the active role which it played in getting this accomplished.
On related fronts, it appears all but certain that the President’s trade promotion, or “fast track” authority will expire as currently scheduled (as of midnight June 30). This means that aside from the pending free trade agreements already in the legislative pipeline (i.e., with Peru, Colombia, Panama and Korea), there will in all likelihood be no more agreements negotiated for some time.
Also, the U.S. and Panama yesterday signed the free trade agreement negotiated between those two countries. This means that the agreement will be considered by Congress under current “fast track” procedures (a straight ‘yea” or “nay” vote, without the possibility of amendment).
We will continue to keep Members closely advised.
