By Vicki Needham - 11/05/15 04:53 PM EST
President Obama notified Congress on Thursday that he intends to sign a broad trade agreement spanning from Asia to Latin America.
The president’s notification was expected soon after the final text of the Trans-Pacific Partnership (TPP) was released around 3:30 a.m. Thursday.
Senate Finance Committee Chairman Orrin HatchOrrin HatchTim Kaine backs call to boost funding for Israeli missile defense Froman: Too early to start trade talks with the UK Bacteria found ahead of Olympics underscores need for congressional action for new antibiotics MORE (R-Utah), who has expressed concern about the TPP's final details, said that an intention to sign the agreement does not mean the Obama administration's "duty is over to convince Congress that this TPP is the best agreement possible."
Hatch said the text of the trade deal, which covers about 40 percent of the world's economic activity, would undergo a "rigorous review" to determine whether it meets the standards set by Congress.
In the message to Congress, Obama said that the deal “will generate export opportunities for U.S. manufacturers, service suppliers, farmers, ranchers and businesses.”
He said the TPP would lead to more job creation and would help U.S. consumers save money and give them access to more products.
U.S. Trade Representative Michael FromanMichael FromanFroman: Too early to start trade talks with the UK Dems push for US, EU cooperation on China's market status US, EU team up on raw minerals trade case against China MORE warned on Thursday that “failure to pass TPP would come at a high price here at home: jobs lost, wages cut and opportunity squandered.”
“I would also encourage everyone to take a moment to consider the costs of not moving forward with this agreement,” Froman said.
The United States has entered into the trade deal with 11 other nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.