U.S. agricultural and equipment exporters applauded the passage of the Trade Promotion Authority (TPA) bill in the U.S. Congress. The bill was signed by President Obama this week.

The bill, also known as fast track, gives the White House the ability to negotiate trade agreements such as the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership (TTIP), without being subject to congressional amendments.

“Getting TPA passed is positive not only for the U.S. economy, but for all the world’s citizens,” said David MacLennan, president and chief executive officer of Cargill, a global agriculture and food company. “President Obama can now move forward with trade deals that will allow food to move more freely across international borders.”

“Passage of TPA marks a significant victory for supporters of trade and economic growth,” said Doug Oberhelman, chairman and CEO of Caterpillar, a manufacturer of construction and mining equipment, engines, turbines and locomotives. “We’re glad to see a bipartisan Congressional majority reaffirm that the U.S. is serious about increasing trade.”

Caterpillar employees sent over 27,000 letters to Washington in support of the fast-track bill.

“Cargill supports TPA because it encourages trading partners to place their best offers on the table, which will result in more favorable agreements,” said MacLennan. The conclusion of a TPP, he added, would allow U.S. businesses to reach 485 million new customers in Asia.

Oberhelman belives that TPA will lead the way for many new trade agreements, including the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership. “These and other agreements create opportunities to enhance Caterpillar’s exports,” he said.

During the past five years, Caterpillar has exported nearly $88 billion of products from the U.S. More than half the company’s U.S.-made products were sold overseas during that period.