Client Advisories and Bulletins

Bush Administration and Democrats Reach Bipartisan Accord on Free Trade Agreements and May Extend Trade Promotion Authority

May 15, 2007

On May 10, the Bush administration and the Democratic Party agreed upon their first major bipartisan economic deal since the Democrats took control of Congress in January 2007. The bipartisan trade deal has great significance for Peru, Colombia, Panama and Korea, which either have signed free trade agreements (“FTAs”) or have negotiations pending in Congress. The four countries will have to accept the provisions of the bipartisan agreement in order for their respective FTAs to be approved. The agreement will promote and foster five basic internationally recognized labor principles, as well as environmental issues and intellectual property protection.