HOUSE BILL REPORT
HJM 4007
This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent. |
As Reported by House Committee On:
Technology & Economic Development
Brief Description: Encouraging the successful negotiation of the Transatlantic Trade and Investment Partnership between the United States and the European Union.
Sponsors: Representatives Morris and Smith.
Brief History:
Committee Activity:
Technology & Economic Development: 2/11/15, 2/19/15 [DP].
Brief Summary of Bill |
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HOUSE COMMITTEE ON TECHNOLOGY & ECONOMIC DEVELOPMENT |
Majority Report: Do pass. Signed by 10 members: Representatives Morris, Chair; Tarleton, Vice Chair; Smith, Ranking Minority Member; DeBolt, Assistant Ranking Minority Member; Fey, Hudgins, Magendanz, Nealey, Ryu and Wylie.
Minority Report: Without recommendation. Signed by 3 members: Representatives Harmsworth, Santos and Young.
Staff: Kirsten Lee (786-7133).
Background:
United States-European High Level Working Group on Jobs and Growth.
In 2011 the leaders of the European Union and the United States directed the Transatlantic Economic Council (TEC) to establish a High Level Working Group on Jobs and Growth (Working Group). The TEC is a political body that oversees government-to-government cooperation with the aim of advancing economic integration between the European Union and the United States. The Working Group worked with stakeholders to identify policies to increase European Union-United States trade and investment to support mutually beneficial job creation, economic growth, and international competitiveness.
The Working Group concluded in its final report in February 2013 that a comprehensive transatlantic trade and investment agreement would provide the most benefit to both parties. They recommended that the agreement address issues regarding bilateral trade and investment, regulation, and development of global rules, and that each party begin the process of negotiating the agreement.
Transatlantic Trade and Investment Partnership Agreement.
In June 2013 negotiations began for the Transatlantic Trade and Investment Partnership (TTIP) agreement. The United States and Europe aim for the TTIP to be a trade agreement that:
expands economic trade between the United States and Europe;
increases economic growth;
increases jobs;
increases international competitiveness; and
addresses global issues of common concern.
Specific topics being developed in the TTIP include; trade in goods; trade in services; electronic commerce and information technology services; investment; customs and trade facilitation; government procurement; labor, environment; intellectual property rights; state-owned enterprises; small and medium-sized enterprises; transparency; anticorruption; competition; and dispute resolution.
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Summary of Bill:
The Legislature represents that:
The transatlantic economy is the largest in the world, encompassing nearly 50 percent of the global gross domestic product.
The TTIP is needed to eliminate constraints to economic growth between the United States and the European Union, maintain competitiveness of the transatlantic economy, and grow the economy of the United States.
Washington would benefit from ratification of the TTIP by creation of an estimated 17,140 jobs and a 25.8 percent increase in exports to the European Union.
The Legislature requests that there be a successful negotiation and ratification of a mutually beneficial TTIP.
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Appropriation: None.
Fiscal Note: Not requested.
Staff Summary of Public Testimony:
(In support) None.
(Opposed) None.
Persons Testifying: None.
Persons Signed In To Testify But Not Testifying: None.