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Webster's New World Finance and Investment Dictionary » fast-track trade authority
fast-track trade authority
fast-track trade authority definition - finance
A congressionally approved trade process that gives
the president the authority to negotiate trade agreements and requires Congress
to vote on such agreements within 90 days (an expedited schedule) without
amending them. Enacted in December 2001, fast-track trade authority was
intended to speed up the approval of trade agreements in order to show foreign
countries that the United States would act quickly on the provisional
agreements. The U.S. president had not had fast-track authority since April
1994, when concerns over the impact of trade agreements on the environment and
on labor practices temporarily ended the authority.
Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.
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