A list of CRS reports covering in detail each of the issues addressed is provided at the end of the report. It may also take up implementing legislation for reciprocal trade agreements including the negotiations for the Trans-Pacific Partnership (TPP) agreement, with the European Union for the proposed Transatlantic Trade and Investment Partnership (TTIP) agreement, and the Trade in Services Agreement (TISA). These changes have also raised new trade policy issues, some of which are being discussed in current U.S. free trade agreement negotiations. The Role of Congress in International Trade and Finance5

The U.S. Constitution assigns express authority over foreign trade to Congress. Congress also exercises trade policy authority through its oversight responsibilities and the enactment of laws authorizing trade programs and governing trade policy generally. These include such areas as U.S. trade agreement negotiations; tariffs; nontariff barriers; trade remedies; import and export policies; economic sanctions; and the trade policy functions of the federal government. Congress has an important role in international investment and finance as well. It has authority over bilateral investment treaties (BITs) and the level of U.S. financial commitments to the multilateral development banks (MDBs), including the World Bank, and to the International Monetary Fund (IMF). They include: renewal of trade promotion authority (TPA); potential trade agreements including the Trans-Pacific Partnership (TPP), the Transatlantic Trade and Investment Partnership (TTIP), and the Trade in Services Agreement (TISA), and also expanded agreements in information technology products and trade facilitation under the WTO; U.S.-China trade relations; international finance issues; review of the U.S. export control regime; reauthorization of the Export-Import Bank; and reauthorization of U.S. Customs and Border Protection (CBP) and expiring trade preference programs. Among the trade issues for the 113th Congress are U.S. negotiations with the TPP countries—now 12 countries and possibly more—to create a comprehensive and high-standard regional FTA in the Asia-Pacific region. Democratic leaders and the Obama Administration, however, considered TAA renewal essential for passage of three implementing bills for free trade agreements (FTAs) with Colombia, Panama, and South Korea. The TAA statute reauthorized the workers, firms, and farmers programs through December 31, 2013, but included provisions that allow TAA programs to continue assisting clients who were certified before December 31, 2013. Congress also could conduct oversight of the treatment of IPR issues in current U.S. trade negotiations. The United States and Europe have the largest bilateral economic relationship in the world, and many Members of Congress have expressed concern about the impacts of the Eurozone crisis on the U.S. economy. Export Control System and the President's Reform Initiative , by [author name scrubbed] and [author name scrubbed].
The U.S. Constitution grants authority over the regulation of foreign commerce to Congress, which it exercises through oversight of trade policy, including the consideration of legislation to approve trade agreements and authorize trade programs. Policy issues cover such areas as: U.S. trade negotiations; tariff and nontariff barriers; worker dislocation from trade liberalization, trade remedy laws; import and export policies; international investment, economic sanctions; and trade policy functions of the federal government. Congress also has an important role in international finance. It has the authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. Government.
The 112th Congress approved U.S. bilateral free trade agreements with Colombia, Panama, and South Korea, extended the Trade Adjustment Assistance (TAA) programs through December 31, 2013, and reauthorized the Generalized System of Preferences (GSP) through July 31, 2013. It also authorized permanent normal trade relations (PNTR) status for Russia and Moldova, reauthorized the U.S. Export-Import Bank, and approved full U.S. participation in general capital increases for the World Bank and four regional development banks. The 113th Congress may revisit these issues and address new ones. Among the more potentially prominent issues are:
1.Possible renewal of Trade Promotion Authority (TPA), allowing the President to enter into reciprocal trade agreements, and providing trade negotiating objectives and expedited legislative procedures to consider trade agreement implementing bills; and the possible related issue of TAA program reauthorization;
2.Negotiations for comprehensive reciprocal trade agreements with major trading partners, including the Trans-Pacific Partnership (TPP) with the United States 12 countries from the Western Hemisphere and Asia, and new negotiations with the European Union for the Transatlantic Trade and Investment Partnership (TTIP) Agreement;
3.U.S.-China trade relations including investment, intellectual property rights protection, currency reform, and market access liberalization;
4.International finance issues including implications of the ongoing Eurozone debt crisis for the U.S. economy, oversight of international financial institutions, and negotiations to conclude new bilateral investment treaties (BITs);
5.Oversight of the World Trade Organization (WTO) Doha Round negotiations, including the completed trade facilitation agreement, and of separate new trade negotiations (e.g. services) that some members of the WTO have undertaken;
6.Review of the President's export control reform initiative and possible renewal of the Export Control Act (EAA), and review of trade sanctions; and
7.Reauthorization of U.S. Customs and Border Protection (CBP) and expiring trade preference programs (e.g., the GSP and the Andean Trade Preference Act).
A list of CRS reports covering these issues is provided at the end of the report.