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US Senate Renews Program Key to FTA Passage

Written: 2011-09-23 14:01:29Updated: 2011-09-23 14:46:26

US Senate Renews Program Key to FTA Passage

The U.S. Senate has approved the extension of the Trade Adjustment Assistance (TAA) program, which served as a major obstacle to the ratification of the U.S.’s pending free trade pacts with South Korea, Colombia and Panama.

The Senate passed a package bill on Thursday local time to extend both the U.S. Generalized System of Preferences program and TAA program with 70 votes in favor and 27 votes opposed.

The TAA program provides benefits and vocational services for U.S. workers who lost their jobs due to U.S. businesses’ competition with foreign companies. The program expired in February this year.

Last month, the Senate majority and minority leaders agreed on a five-step plan to deal with the future of the two programs. The plan also addressed the ratification of the three trade pacts as soon as Congress returned from August recess.

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