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Fast Track, or Trade Promotion Authority

A process that gives the executive branch the authority to negotiate and write trade agreements. This authority allows the president to select countries for, set the substance of and then negotiate and sign trade agreements. Under this arrangement, Congress only has an up or down vote on the final version of a trade agreement. On June 30, 2007, presidential Fast Track authority expired.

World Trade Organization

The WTO is the only international body dealing with the rules of trade between nations at a global or near-global level. Member countries use the organization to sort out trade problems they face. Came into being Jan. 1, 1995, and was a successor to the General Agreement on Tariffs and Trade, created in 1947.

North American Free Trade Agreement (NAFTA)

Went into effect Jan. 1, 1994. Established a free-trade zone between the United States, Canada and Mexico. NAFTA immediately lifted tariffs on the majority of goods produced by three participating nations. It also called for the gradual elimination of most remaining barriers to cross-border investment and to the movement of goods and services among the three countries.

Central America Free Trade Agreement (CAFTA)

Began implementation in March 2006. This treaty breaks down trade barriers between the United States and Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and the Dominican Republic.

Colombia Free Trade Agreement

This agreement, currently stalled in Congress, would essentially break down trade barriers between the United States and Colombia. Sen. John McCain last week visited Colombia in support of the agreement.

China PNTR

In 2000, Congress passed a bill authorizing the extension of normal trade relations with China, paving the way for China to enter the World Trade Organization. The bill ended annual reviews of China's trade status.