WASHINGTON (Reuters) — U.S. Senate Finance Committee Chairman Orrin Hatch said on Wednesday he hopes to reach an agreement by the end of the day on a bipartisan bill to speed trade deals through Congress.
The so-called fast track legislation, key to sealing a 12-nation Pacific trade pact that is part of President Barack Obama’s diplomatic pivot to Asia, has been bogged down in negotiations between Democrats and Republicans.
“I’m hopeful that we will have an agreement before the end of the day,” Hatch, a Republican, said when asked about talks with the panel’s top Democrat Ron Wyden.
Japanese Prime Minister Shinzo Abe is due to address a joint meeting of Congress on April 29 and having fast-track in train by then would be a positive sign for the Trans-Pacific Partnership.
Japan has said it sees fast-track as vital to conclude the deal, which would cover 40 percent of the world economy and must pass Congress this year to avoid getting stuck during the 2016 U.S. election campaign.
The bill will restrict Congress to a yes-or-no vote on trade deals in exchange for setting negotiating objectives and laying out other ground rules for trade negotiators.
A Democratic aide briefed on the talks said Wyden had won a concession to give lawmakers more oversight on trade negotiations. A Wyden spokesperson declined to comment.
The bill would require the House of Representatives and Senate committees responsible for trade to take an additional vote to certify trade agreements meet the objectives set by Congress before going to a “yes or no” floor vote, the aide said.
It faces opposition from some conservative Republicans opposed to delegating power to the White House and Democrats worried about the impact on jobs. Many lawmakers are also pushing for tough rules against currency manipulation.
Hatch said talks were continuing over extending aid for workers who lost their jobs due to trade.
But he declined to detail other sticking points, saying: “It’s that sensitive that I don’t want to do anything to blow it.”
U.S. Trade Representative Michael Froman said on Wednesday the finishing line was in sight for the pact.
Some trading partners have been unwilling to put final offers on the table until they are sure Congress will not be able to pick agreements apart.
