Following what the L.A. Times called a disappointing round of talks in Hawaii, negotiators for the 12 nations included in the Trans-Pacific Partnership are still hoping to wrap the trade deal up sometime this month.
But even if a deal could be struck, time is running out.
The L.A. Times reports It’s almost certain now that a deal won’t reach Congress for a vote until next year, in the thick of the presidential campaign.
Under fast-track legislation, the president first has to notify Congress 90 days before signing a final trade agreement.
So if negotiators complete the trade deal at the end of August, the public would see the agreement after 30 days and Obama could sign it as early as the end of November.
But before it could be submitted to Congress for a vote, the U.S. International Trade Commission must publish an economic impact assessment, and the agency has up to 105 days to complete that report.
Even if that assessment was expedited, with legislative rules and committee procedures, not to mention the Christmas holiday recess, it’s most likely that Congress won’t vote on the trade pact until well into next year.
