Trade Act of 2002
Encyclopedia
The Trade Act of 2002 granted the President of the United States
the authority to negotiate trade
deals with other countries and gives Congress
the approval to only vote up or down on the agreement, not to amend it. This authority is sometimes called fast track
authority, since it is thought to streamline approval of trade agreements. This authority makes it easier to negotiate deals, which engenders both support and opposition, opposition coming from labor and environmental groups.
The last time the President was granted fast track authority was to negotiate the Uruguay Round Agreement of the World Trade Organization. The Uruguay Round was completed just as the fast track authority expired in 1994. The President went without the authority until it was renewed in 2002. The trade promotion authority expired in July 2007.
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
the authority to negotiate trade
Trade
Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...
deals with other countries and gives Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
the approval to only vote up or down on the agreement, not to amend it. This authority is sometimes called fast track
Fast Track
Fast Track is an informal English phrase meaning "the quickest and most direct route to achievement of a goal, as in competing for professional advancement".Fast Track may also refer to:* Fast Track, a FoxBusiness.com show hosted by Anna Gilligan...
authority, since it is thought to streamline approval of trade agreements. This authority makes it easier to negotiate deals, which engenders both support and opposition, opposition coming from labor and environmental groups.
The last time the President was granted fast track authority was to negotiate the Uruguay Round Agreement of the World Trade Organization. The Uruguay Round was completed just as the fast track authority expired in 1994. The President went without the authority until it was renewed in 2002. The trade promotion authority expired in July 2007.