A new trade pact still has a long road ahead before it can go into effect. But, thus far, construction equipment manufacturers are encouraged with progress on the Trans-Pacific Partnership (TPP), says Nick Yaksich, Association of Equipment Manufacturers' vice president of government affairs and industry relations.
The U.S., Japan and 10 other parties in the Asian-Pacific region reached formal agreement on the TPP on Oct. 5, but the deal must win congressional approval before it can be implemented in the U.S. Under legislation enacted on June 29, trade deals are subject to fast-track action in Congress: up-or-down votes, without amendments.