File Photo of US President Barack Obama.
Senior US lawmakers reached a deal Thursday to make it easier for President Barack Obama to negotiate a massive trade accord with 11 other Asia-Pacific nations.
If Congress as a whole approves granting Obama "fast-track" authority, it would give lawmakers the ability to vote to approve or reject the proposed Trans-Pacific Partnership.
But it prevents them from introducing changes to the accord -- described as the largest since the North American Free Trade Agreement.
"The TPA bill contains the clearest articulation of trade priorities in our nation's history," said Senate Finance Committee chairman Orrin Hatch, who reached the deal with the panel's top Democrat Senator Ron Wyden, and House Ways and Means Committee chairman Paul Ryan.
"We intend to move expeditiously on these bills," Hatch said at a committee hearing.
The deal, which would need to pass both chambers of Congress and receive a presidential signature, Wyden said, will allow a "fairer fight" and offer "no back door" for special interests to insert their priorities into the agreement.
Wyden said it would provide "tougher enforcement, a new level of transparency" and "vigorous oversight."
The deal notably requires Obama to publish the deal for at least 60 days before the president signs it, and up to four months for congressional review.
And it contains a reverse switch that would allow lawmakers to turn off "fast-track" authority if they feel the trade deal fails to meet their standards.
Wyden said if negotiators "fall short and the product doesn't meet our standards, Congress can still hit the brakes on a bad deal."
"I'm proud this bipartisan bill creates what I expect to be unprecedented transparency in trade negotiations, and ensures future trade deals break new ground to promote human rights, improve labor conditions, and safeguard the environment."
House Speaker John Boehner, who has long pushed for a new TPA policy, hailed the deal and said it would "strengthen" congressional authority over a final trade accord.
US Trade Representative Michael Froman, a key negotiator of the international accord, gave a cautious thumbs up to the newly agreed legislation.
"At first glance we see very important developments in terms of negotiations objectives," Froman said, mentioning progress on preventing unfair competition from state-owned enterprises and strong safeguards for US business and products including agriculture.
The Trans-Pacific Partnership is a regional trade framework under negotiation between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.