First Ever USMCA Dialogue Session Focuses on Small Business Benefits of Trade Deal

The key players in the United States-Mexico-Canada Agreement (USMCA) met to strengthen small business opportunities between these entities.

The USMCA was enacted on July 1, 2020 and replaced the North American Free Trade Agreement (NAFTA).

For the USMCA dialogue session, business leaders and hundreds of small business representatives gathered via a webinar. Its goal was to brainstorm ways to strengthen regional trade and investment in North America so that smaller businesses could realize its benefits.

The USMCA Small Business Dialogue was held

Canada and Mexico are the top two destinations for US small business exports.

According to figures, in 2019 (data for the most recent year is available), 87,000 small U.S. businesses exported $ 59 billion worth of products to Canada.

In 2019, 52,000 small businesses exported $ 82 billion worth of products to Mexico.

Export opportunities and tools for small businesses

Do you have products that you think are suitable for export trade?

If you want to start selling products in Canada, Mexico and / or other countries, the Small Business Administration (SBA) is a good place to start.

The SBA website has a section on business tools, which small businesses can use to make it cheaper and easier to export. You can also find educational webinars on the subject.

The USMCA has detailed information on existing trade agreements and information on best practices for trade with Canada and / or Mexico.

What is the USMCA agreement?

The United States-Mexico-Canada Agreement (USMCA) is presented as a mutually beneficial victory for American workers, farmers, ranchers, and businesses. The agreement creates a more balanced and reciprocal trade that supports well-paid jobs for Americans and grows the U.S. economy.

Highlights of the agreement include:

  • Creating more equitable playing conditions for American workers, including improved rules of origin for cars, trucks, other products, and currency handling disciplines.
  • Benefiting American farmers, ranchers, and agribusinesses by modernizing and strengthening the food and agriculture trade in North America.
  • Supporting a 21st Century Economy by Protecting US Intellectual Property and Securing Opportunities for US Trade in Services.
  • The new chapters cover digital commerce, anti-corruption and good regulatory practice, as well as a chapter on ensuring that small and medium-sized businesses benefit from the agreement.

Key representatives of the USMCA dialogue session

The session was chaired by the Associate Administrator of the SBA’s Office of International Trade, Gabriel Esparza, the United States Deputy Trade Representative, Jayme White, Mexico’s Undersecretary of Foreign Trade, Luz Mariadela Mora, and the Deputy Minister. of International Trade Canada, David Morrison.

Get the latest Small Business Trends headlines. Follow us on Google News.

Image: Depositphotos

Source link

Leave a Reply