Hatch: TPA passage is a win for Utah businesses and families

Utah scored a major victory this week when Congress passed Trade Promotion Authority (TPA) legislation that will lead to job growth and new business opportunities in our state. Trade agreements negotiated and passed under TPA will provide a shot in the arm to Utah's economy, spurring job growth, helping small businesses and providing a major win for Utah consumers.

Trade is absolutely critical to Utah, which is why I made passing TPA a top priority. The Business Roundtable estimates that 374,000 jobs in Utah rely on trade. That's more than 20 percent of all jobs in the state — a share that has doubled in the last 20 years as Utah companies have developed large customer bases overseas. These overseas customers purchased $22.1 billion in Utah exports in 2013, and they represent a significant source of revenue for our state's businesses. With additional trade agreements, the number of goods and services Utah exports every year will only increase.

Opening up new markets will enhance Utahns ability to grow their businesses by reaching even more customers throughout the world. New trade agreements tear down remaining barriers to commerce, unleashing a flood of new customers and market opportunities for Utah companies.

Many of Utah's small businesses in particular will reap the benefits of these new trade deals. Today, 86 percent of Utah companies that export to other countries are small- and medium-sized firms. Without the expanded trade made possible under TPA, these businesses would have difficulty increasing their exports overseas.

Currently, American small businesses face too many disadvantages in the form of high tariffs and regulatory barriers that favor their foreign competitors and larger companies. But TPA will facilitate trade agreements to lower those barriers, giving Utah's small businesses greater access to the 95 percent of consumers around the world who live outside the United States.

But the biggest winners of all will be Utah families. Increased trade will allow Utah's consumers to buy products from overseas at lower prices, unhindered by artificial barriers. This will increase how far Utahns paychecks go, providing a major win for family budgets.

The trade objectives in TPA are clear and targeted. As we craft trade policies to boost economic growth, TPA will strengthen Congress's ability to ensure that future agreements include strong international rules to counter unfair practices. In fact, TPA is the most important tool Congress has to advance a robust trade agenda that will boost American exports and create new economic opportunities and better jobs for our workers, manufacturers, farmers, ranchers, and entrepreneurs.

TPA also promotes greater transparency and accountability. It requires the president to publish the details of any trade agreement online before Congress votes on it. Making this information public will allow Utahns to review the deal and communicate with their congressional representatives before final approval of any trade deal.

Without TPA, the United States would take a back seat to other countries that are moving aggressively to promote international trade for their citizens and economies. In particular, TPA is essential for two ambitious trade deals the U.S. is negotiating right now with Asia and Europe. According to the World Bank, these trade agreements would further open markets encompassing nearly 1.3 billion customers and approximately 60 percent of the world economy.

Already, Utah benefits immensely from trade with these countries. In 2014, our state exported $3.7 billion to our Asian partners and $2.9 billion to our European partners. These new trade pacts would bring billions of dollars and thousands more jobs to Utah's economy.

TPA is a big victory for Utah and all America. It will be a tremendous boon to our economy, creating jobs across our state and throughout the country, increasing revenue for businesses large and small, and expanding opportunities for Utah families.

Sen. Orrin G. Hatch has served as U.S. senator for Utah since 1977.